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Enron To Pass Argentina TGS Stake To Creditors - Source  
   



04-27-04 06:24 PM EST
BUENOS AIRES -(Dow Jones)- In a continued shuffle of shareholders in leading Argentine natural gas transporter Transportadora de Gas del Sur (TGS), bankrupt U.S. energy company Enron Corp. (ENRNQ) will pass its remaining holdings in TGS to its creditors in exchange for the cancellation of a debt owed by TGS' controlling shareholder, a source close to the transaction said Tuesday.

The source, an official at fellow TGS shareholder Petrobras Energia (PECO.BA), confirmed a story first reported Tuesday by Argentine business daily El Cronista. TGS had said earlier this month that Enron subsidiaries will divest their collective 50% stake in TGS' holding company, CIESA, through a two-part process. After the transaction, Enron would still hold some common shares in TGS.

According to the Cronista report, the company plans to give those holdings to its creditors, who will be able to sell them immediately in Buenos Aires and New York secondary markets. At the same time, the creditors will cancel a debt CIESA owes of $220 million plus interest that has been in default since April 2002.

TGS officials said Tuesday they couldn't comment beyond their initial statement, and Enron spokesmen in the U.S. weren't immediately available for comment.

None of the parties involved have given timeframes for the transactions. Enron subsidiaries and Petrobras Energia Participaciones (PZE) subsidiaries - including Petrobras Energia - each own 50% of CIESA, which controls 53.3% of TGS. Enron and Petrobras Energia also each directly control 7.35% of TGS. The rest of TGS' shares float.

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