Rediff Logo
Money
Line
Channels:   Astrology | Contests | E-cards | Money | Movies | Romance | Search | Women
Partner Channels:    Auctions | Health | Home & Decor | Tech Education | Jobs | Matrimonial
Line
Home > Money > Reuters > Report
February 23-24, 2002 | 2010 IST
Feedback  
  Money Matters

 -  'Investment
 -  Business Headlines
 -  Corporate Headlines
 -  Business Special
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      






 Special Offer

 To your parents'
 health


 Special Offer

 Why & How to
 follow Vastu



 
Reuters
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page Best Printed on  HP Laserjets

Enron could pay more bonuses to retain top staff

Fallen energy trading giant Enron Corp may pay further retention bonuses to key employees considered vital to its plans to emerge from bankruptcy, a company spokesman said on Friday.

Previous rounds of retention bonuses, in which $105 million went to a limited number of top employees, have angered thousands of Enron workers who lost their jobs and their retirement savings in the collapse of company.

Enron spokesman Vance Meyer said interim chief executive officer Stephen Cooper was discussing the possibility of a new round of bonuses with the company's creditors.

Meyer said he could not provide further details but added that any such decision would have to be approved by Enron's creditors committee and US Bankruptcy Judge Arthur Gonzalez.

"A proposal like this is pretty much standard operating procedure in a bankruptcy where you're trying to get back on your feet and trying to retain people," he said.

Retention bonuses totaling $50 million were paid out to about 75 top Enron employees in November as part of a merger agreement between Enron and Dynegy Inc. that later fell apart.

A further $55 million was paid out to some 500 employees just a few days before Enron filed for bankruptcy, to persuade them to stay on as the company was reorganised.

Meyer also said that in time, as some Enron businesses are sold and others scaled down, the company expects to leave its 50-story headquarters building in downtown Houston for smaller premises.

The company has already won court approval to complete work on a 40-story building under construction so that it can be sold off to raise money for creditors.

Interim chief executive Cooper has indicated that if he succeeds in his goal of building a new company, it will likely adopt a new name.

"There's somewhat of a taint with the Enron name," he said in an interview with ABC News that was broadcast on the Good Morning America show this week.

YOU MAY ALSO WANT TO READ:
The Enron Saga
The Rediff Budget Special
Run-Up To The Budget

Back to top
(c) Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Tell us what you think of this report

ADVERTISEMENT