Enron Corp. has reached an agreement with Barclays PLC to settle Barclays portion of the Enron bankruptcy litigation. According to the terms of the agreement, Barclays will pay Enron USD144 million in cash and Enron will allow Barclays claims filed in the bankruptcy totaling USD310 million.
“The Barclays agreement is the ninth settlement reached with the financial institutions,” says John J. Ray III, the Board Chairman at Enron. “The announcement reflects our determination to resolve the litigation and continue to deliver value to creditors as quickly as possible, and reflects the lesser role played by Barclays relative to others involved in the litigation.”
The settlement remains subject to the execution of definitive agreements and the approval of the United States Bankruptcy Court for the Southern District of New York Financial institutions yet to settle with Enron include Citigroup Inc. and Deutsche Bank AG.
Enron is represented in this matter by Susman Godfrey LLP; Togut, Segal & Segal; and Venable LLP.