UBS buys Enron trading business; BG Group buys Enron's Indian assets

The bankrupt Enron Corp., Houston, has started the process of shedding assets with UBS Warburg buying its wholesale trading business and BG Group PLC announcing plans to buy all of Enron Oil & Gas India Ltd. (EOGIL). In an auction, UBS Warburg won the right to restart the trading business for no money upfront provided that it pay Enron creditors a royalty as a percentage of the profits each year for 3 years. UBS Warburg also has the right to buy out a share of Enron's royalty each year for 3 years. The federal bankruptcy judge presiding over the Enron reorganization approved the wholesale trading business sale to UBS Warburg on Jan. 18. The deal remains subject to approval under fede...

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