Enron will sell PGE to a newly created company called Oregon Electric, which is backed by US private equity company Texas Pacific and other investment groups.
The disposal will bring Enron £2.35bn and the sale price will include debt, the amount of which will be determined by the utility’s 2003 performance.
Enron has also improved the deal for its unsecured creditors, increasing recovery rates from 14.4% to 17.2%.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children