Enron India file for bankruptcy help

Enron India file for bankruptcy help

NEW YORK : Enron Corp. on Wednesday said three units holding
its share in an Indian power plant filed for bankruptcy
protection, raising the stakes in a growing battle over the sale
of the troubled US$2.9 billion plant.

The subsidiaries hold Enron's 65 percent stake in the Dabhol
power project, a gas-fired plant on India's west coast that is
rusting away while creditors and shareholders battle over its
sale.

The plant is one of Enron's major assets still left on the
block following its bankruptcy filing last December.

By including the subsidiaries in its Chapter 11 bankruptcy
case, Enron will likely have more control over how its share of
the Dabhol plant is sold.

The subsidiaries are Offshore Power Production CV, Enron India
Holdings Ltd. and Enron Mauritious Co., bringing the number of
units that have filed for protection to 57.

"These (bankruptcy filings) were done to protect the interest
of the various stakeholders, including creditors of Enron Corp,
by consolidating these entities with the others that had already
filed," said John Ambler, an Enron spokesman.--Reuters