The report quoted Enron officials as saying that the settlement resolves all bankruptcy proceedings involving UBS and leaves Bear Stearns Cos. the sole investment bank with an equity-transaction case pending against it. As part of the settlement, UBS will also withdraw its claim against Enron of about $5 million, said the report. The settlement, which came just a few days after Enron settled a similar case against Credit Suisse Group Inc., remains subject to the approval of the US Bankruptcy Court for the Southern District of New York, according to the report.
UBS was one of the financial institutions accused of helping Enron create financial structures that hid the company’s true financial condition. Enron, once the nation’s seventh-largest company, entered bankruptcy proceedings in December 2001 after its accounting tricks could no longer hide billions in debt. The collapse wiped out thousands of jobs, more than $60 billion in market value and over $2 billion in pension plans. (people.com.cn)
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
