BusinessBusiness RecoveryEnron edifice under the hammer

Enron edifice under the hammer

Enron's infamous 50-storey glass tower in Houston is being auctioned off, two years after the power company fell into bankruptcy.

Link: Enron creditors boosted by utility sale

The building was originally bought by a syndicate of banks, included JP Morgan Chase – after Enron went bankrupt in 2001 – for £285m (£165m) and is expected to fetch less than half the purchase price in the auction, according to the Times.

Bidding will start at $55m (£32m).

Amongst the many creditors owed millions by the energy company, The Royal Bank of Scotland is attempting to recover $537m (£316m) in debts from the Houston-based energy trader.

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