Portland General, a subsidiary of bankrupt Enron, is preparing to come public, writes utility analyst Sandy Cohen. A lengthy article in the Portland Business Journal has an interesting discussion of some of the issues involved.
The stock issuance is scheduled for April of 2006, and though no shares will be issued to the general public (all the shares are expected to eventually issued to Enron's creditors), 30% will be issued to some Enron creditors at that time. Some shares would be expected to come onto the market, as Portland General will be listed (NYSE or NASDAQ), and many of the creditors will not want to hold their shares, so will sell.
The link to the article talks about some of the issues with the company coming public, as well as whether the company is likely to remain a stand alone company. Enjoy this interesting article: Portland General Article.
In July 2005 we published a piece talking about Texas Pacific's failed attempt to acquire Portland General as a private investor, and how that failed effort was illustrative of the difficulties private investors might have acquiring regulated utilities (see: Texas Pacific's Failed Effort to Buy Portland General)
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