Pride takes a fall as banks watch Enron myth unravel

30 Nov 2001

Bankers were nervously calculating their exposures to Enron Corp this week as the fallen US energy company’s spiral towards bankruptcy accelerated, the rating agencies cut its debt to junk status, potential buyer Dynegy withdrew its rescue bid, and Enron revealed further debt payments due before year end.

Top of the list of potential victims of the company's distress are Citigroup and JP Morgan, Enron's key relationship banks, from which it secured a $1bn credit line only last week. JP Morgan has said that it has around $500m of unsecured exposure to the company, and analysts estimate ...

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