Enron is suing Dynegy for breach of contract over its decision to pull out of a proposed merger deal between the two companies. Dynegy had planned to acquire Enron, but pulled out of the deal when Enron's credit was reduced to junk status.
In a related story, new Enron CEO, Stephen Cooper, advised 1,400 employees Thursday that the company's debt was a lot higher then he first thought. He advised that Enron has around $40bn of debt and estimated that other claims could total another $50bn.
Enron / Dynegy Lawsuit Moved
US bankruptcy judge Arthur Gonzalez ruled Friday that Enron's $10bn lawsuit against rival Dynegy should be moved to Houston.
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