PwC makes first Enron sale
Enron administrator PricewaterhouseCoopers has secured its first sale after utilities company Centrica paid £96.4m in cash for Enron Direct Ltd, the commercial electricity supplier.
The sale provided a vital injection of cash into the collapsed energy company which filed for Chapter 11 protection in the US last weekend.
EDL, a subsidiary of Enron Europe Ltd which went into administration at the end of last week, has 160,000 business customers and a turnover of £190m.
Steven Pearson, one of the PwC administrators, said: ‘Centrica paid a price which reflected the assets in Enron Direct and included a significant goodwill payment which would have been lost if the business had collapsed.’