Although Cooper feels that the new plan has a reasonable chance of success, he still believes that it will take years for the former energy giant to emerge from the bankruptcy process.
A new company will be established called OpCo Energy - the Op stands for the options the new company grants creditors. The new entity will have an independent board and management.
Around 12,000 of the existing 23,000 Enron employees would transfer to the new company. Officials do not believe that the new arrangements will result in mass layoffs as many current Enron employees will simply transfer over to the companies acquiring the business units to be sold.
Enron Reveals Restructuring Plan
Under a new proposal announced by Enron interim chief executive Stephen Cooper the company will retain pipelines, power plants and distrubution networks in North, Central and South America. It will sell European and Asian assets under bankruptcy proceddings.
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