Citgroup was lead bank in the deal, with Barclays and Bank of America participating. The loan closed on October 31st, the very day Enron announced that federal authorities were looking at its accounting procedures. Andersen was Enron's main auditor.
The bank was also forced to write off $228m in the final quarter 2001 as a result of exposure to Enron itself.
Citigroup May Lose $70m
There is now a real possibility that Citigroup may have to write off as much as $70m in loans it made to Arthur Andersen as part of a $700m facility it arranged for the firm in October.
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