EOTT's reorganization plan approved by court

By Carlise Newman

Chicago, Feb. 19 - EOTT Energy Partners LP announced its plan of reorganization has been approved by U.S. bankruptcy court and will become effective Mar. 1, 2003, according to a news release. The plan was approved by a majority of creditors in each voting class.

The plan will allow for a final separation of EOTT, a Houston-based marketer and transporter of crude oil, and Enron Corp. on the effective date. However, the plan remains subject to appeal for 10 days following the entry date of the court's orders.

EOTT filed for Chapter 11 protection on Oct. 8, 2002 in the U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi division. Among the company's reasons for filing was to formalize a complete legal separation from Enron.

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