BusinessCompany NewsPwC sells further Enron company

PwC sells further Enron company

Enron administrator PricewaterhouseCoopers has secured a further sale of the energy giant's London-based subsidiary to American AEP Energy Services.

AEP bought contracts and hired key staff from the Enron international coal team.The transaction includes marketing offices and staff in the UK, Germany, Australia and China, and contracts in the United Kingdom, Germany, Australia, Colombia, South Africa, Indonesia, Poland, Russia and Venezuela.

Hank Jones, senior vice president with AEP Energy Services and head of AEP?s wholesale business in Europe, said: ‘We are aggressively building our wholesale energy capabilities in the United Kingdom and Europe, using our very successful US wholesale structure as a model.

‘Although today’s deal pertains to people and contracts instead of a major capital expenditure for assets, it represents a major milestone in our growth.’

The defunct energy company filed for Chapter 11 protection in the US at the beginning of December after a number of off-balance sheet transactions caused the company to collapse.

Links

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