Judge okays Enron sale of Portland General Electric for $1.25 billion

By Jeff Pines

Washington, Feb. 5 - Enron will get $1.25 billion for its Portland General Electric Co. from Texas Pacific Group, according to a Feb. 5 judge's order.

Enron marketed the shares extensively for two years and 130 entities signed confidentiality agreements. Five submitted first-round bids and Enron invited four to a second round and three submitted bids in the final round.

The auction was scheduled for Feb. 2, but Texas Pacific was the initial bidder for the Portland, Ore-based company.

Portland General Electric is a power company that became an Enron subsidiary in 1997.

Enron filed for bankruptcy on Dec. 11, 2001. It Chapter 11 case number is 01-16034.

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