Redundancies necessary as Enron Europe confronts threat of bankruptcy

The European division of troubled US power giant Enron faces an uncertain future after being divided from its parent company. Enron Europe, owner of Polish power plant Nowa Sarzyna and holder of a license to supply electric power and gas in Poland, is said to be on the verge of bankruptcy. According to power industry investment adviser Dominik Czajewski, the company may now either be taken over by a European creditor, or sold. Enron was a potential investor in one of four distribution companies being split off from Polish Oil and Gas (PGNiG). Enron Europe has been placed under the administration of PriceWaterhouseCoopers (PWC), which says it will seek ways of paying off the company's debts. PWC warns, however, that redundancies will be necessary. (Puls Biznesu, p. 15) P.W.