Enron wahrscheinlich pleite - höchstgefährlich!
1. Enron wahrscheinlich pleite - höchstgefährlich! Marabut 28.11.01 17:59
S&P hat Enron auf Müllbondstatus heruntergestuft. Dies bedeutet, dass Enron - schon länger schwer gebeutelt - auf die Schnelle 3-4 Milliarden Dollar aufbringen muss. Niemand gibt aber Enron Geld.
Enron war der grösste Energiehändler der USA! Keiner weiss genau, welche Leichen da noch im Keller sind! Die Enron-Pleite kann LCTM in den Schatten stellen. Damals war die Gefahr einer weltweiten Bankenkrise bei Nacht und Nebel durch Greenspan verhindert worden! Eine Enron-Pleite kann auch den DOW um 500 Punkte nach unten reissen!
2. Death Blow Marabut 28.11.01 18:04
Debt Downgrade Deals Enron a Death Blow
By Peter Eavis
Senior Columnist
11/28/2001 11:18 AM EST
Standard & Poor's dealt Enron (ENE:NYSE - news - commentary - research - analysis) a severe blow Wednesday, slashing its credit rating to junk status. Enron shares plunged 62%.
The action came as Enron and its energy-trading rival and potential rescuer, Dynegy (DYN:NYSE - news - commentary - research - analysis), made a last-ditch attempt to save the merger that could bail out financially squeezed Enron. But those talks now appear to be doomed, in light of the downgrade, which tightens the financial vise Enron is in. Bloomberg reported Wednesday that Dynegy had scuttled the merger, quoting a person familiar with the negotiations.
The end of the merger would seem to substantiate the market's view: Investors have steadily voted against the agreement, sending Enron's shares down steeply since its announcement Nov. 9. Wednesday morning they hit $1.45, off $2.66.
S&P may have delivered the knockout punch by cutting Enron's long-term corporate credit rating a staggering six notches to B-minus from triple-B-minus. The new rating immediately triggers Enron's obligation to repay some $3.3 billion in outstanding debt. But with the company facing a liquidity squeeze so severe that it needed to return to the bargaining table to seek an equity infusion, the S&P move appears likely to spell the end of the merger.
S&P also noted in the report that there appears to be a "distinct possibility" Enron will file for Chapter 11 bankruptcy protection if the merger fails to take place.
Dynegy shares, which have maintained premerger levels despite the plunge in Enron stock, slid on news of the downgrade. They dropped $4.14 to $36.75.
S&P's downgrade is likely lethal for Enron as well as the merger. Remaining trading counterparties that haven't already shunned Enron will almost certainly refuse to deal with a company with a deep junk rating. And the downgrade triggers early repayment of $3.3 billion borrowed through two off-balance sheet structures.
Doing this is extremely problematic, since Enron doesn't appear to have sufficient cash to meet the obligations. The other alternative for Enron is to issue $3.3 billion in stock. But that would be massively dilutive to current shareholders, triggering further selling. That's hardly appetizing, considering Enron's 90%-plus plunge over the last year.