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Enron notifies employees of pending layoffs
Houston, Oct 03: More Enron Corp. employees are working themselves out of a job. As the failed energy company continues to wrap up contracts and work toward emergence from Chapter 11, there`s less work left to do.
Houston, Oct 03: More Enron Corp. employees are working themselves out of a job. As the failed energy company continues to wrap up contracts and work toward emergence from Chapter 11, there's less work left to do.
This week Enron notified employees that about 200 of the 1,200 workers at the bankrupt parent and insolvent subsidiaries will be laid off in December and February.
“As the bankruptcy estate winds down, we require fewer and fewer people, and this is an indication of that,'' Enron spokesman Mark Palmer said.
Anthony Sabino, an energy and bankruptcy law expert at St. John's University in New York, said the continual whittling of Enron's work force is expected as the company prepares to leave its bankrupt entities behind to emerge from Chapter 11 as two to three new companies with different names.
“We're coming to the typical situation of the last person out shuts out the lights,'' he said.
Bureau Report
“As the bankruptcy estate winds down, we require fewer and fewer people, and this is an indication of that,'' Enron spokesman Mark Palmer said.
Anthony Sabino, an energy and bankruptcy law expert at St. John's University in New York, said the continual whittling of Enron's work force is expected as the company prepares to leave its bankrupt entities behind to emerge from Chapter 11 as two to three new companies with different names.
“We're coming to the typical situation of the last person out shuts out the lights,'' he said.
Bureau Report