By Bob Weaver|
Energy giant Enron is facing imminent bankruptcy with $61 billion in assets,
the largest collapse of such a company in history. Friday, the companies
shares dropped to the bottom, overseas operations wound down and
companies with possible exposure closed ranks.
The collapse is impacting local energy producers in Calhoun, Roane and Wirt
and other parts of West Virginia, resulting in some local lay-offs. Enron had
contracts to buy local production.
Several local companies are scurrying to find a new buyer for their gas, and
evaluating how to get from under Enron contracts, which may be binding for
Local companies will not likely be paid for their gas sales during the months
of October and November, which creates a significant financial problem for
small concerns in the area.
Enron has 30,000 miles of pipeline and 15,000 miles of fiber optic lines,
among other holdings.
The Enron bankruptcy far exceeds the Texaco collapse in 1987 which
claimed $36 billion in assets.