April 06, 2005
Texas Pacific Won't Try For PGE Again
Enron To Issue PGE Stock To Creditors
Just before the top of the hour, an AP story hit, indicating that Texas Pacific Group was "abandoning its effort" to purchase Portland General Electric.
Just after the top of the hour, a press release came in via email saying that Enron "intends to move forward with plans to issue PGE common stock to creditors in accordance with Enron's approved bankruptcy plan."
So in the wake of the PUC's rejection of TPG's original offer, the company is opting not to try again.
The AP story says that TPG's decision "allows Enron to decide whether to distribute PGE stock to its creditors according to the bankruptcy plan approved last year, or seek another buyer", but Enron's press release makes it clear they will begin to move down the creditor route, although the company "will continue to consider credible offers".