Enron to Pay $5 Million in Additional Severance
Enron Corp. will pay $5 million in additional severance to employees fired after the former top energy trader filed for bankruptcy protection in December.
U.S. Bankruptcy Judge Arthur J. Gonzalez approved the payments. The money will be equally divided among about 4,500 former employees who worked at Enron’s Houston headquarters. Each will receive about $1,100 before taxes.
Fired employees previously received a one-time payment of $4,500 before taxes.
Enron interim Chief Executive Stephen F. Cooper approached the company’s creditors about the additional severance payments after addressing 250 former employees at a town hall meeting last week at the request of Rep. Sheila Jackson-Lee (D-Texas).
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
