The Telegraph
Since 1st March, 1999
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GE seeks $ 160 m from Enron

Fairfield (Connecticut), Nov. 15 (AP): General Electric Co is seeking a refund from Enron Corp of $ 160 million, about half the amount it paid for assets of Enron Wind Corp, a spokesman has said.

GE made the request in a filing in bankruptcy court in New York.

GE Power Systems agreed in February to acquire assets of Enron Wind Corp, a subsidiary of Enron Corp, and a manufacturer of wind turbine generators with operations in the United States, Germany and Spain. Enron Wind, headquartered in Tehachapi, California, had 1,600 employees at the time.

“The acquisition of Enron wind represents GE Power Systems’ initial investment into renewable wind power, one of the fastest growing energy sectors,” John Rice, president and CEO of GE Power Systems, said at the time.

The bankruptcy process provides for a review of the value of assets acquired, said David Frail, a GE spokesman.

“We completed a review of the valuation and we determined the valuation should be lower,” Frail said.

The court has not made a decision yet on the request. Telephone messages were left late yesterday with Martin Sosland, an attorney representing Enron in its bankruptcy.

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