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Group to Buy Enron's Pipelines

May 22, 2004|From Reuters

Texas natural gas tycoon Oscar Wyatt and his partners have agreed to buy Enron Corp.'s prized pipeline assets.

The $1.8-billion deal, announced Friday, would put Wyatt back in the gas business and give the fallen energy giant cash to pay creditors.

NuCoastal, a Wyatt-led consortium that includes affiliates of Citigroup Inc. and Kelso & Co., would also assume $430 million of CrossCountry Energy's debt.

CrossCountry is the company Enron formed in June to hold its interests in three natural gas pipeline systems, including Transwestern Pipeline Co.

CrossCountry owns all of the Transwestern pipeline, which runs from Texas to California.

Wyatt ostensibly retired after selling Coastal Corp. to El Paso Corp. in 2001 but was unable to stay away from the business.

From Reuters

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