Enron restates Q3 earnings, losses up three per cent

Houston, Nov 20: As embattled Enron Corp examines its books, the energy trader re-stated its third-quarter earnings, increasing its loss for the period by three cents a share to 87 cents.

The company also disclosed it is trying to restructure $690 million obligation that could come due November 27.

Enron spokesman Mark Palmer said that the company has the cash on hand to pay the obligation but would like to have it restructured and extended. He said that the obligation could come due because of Enron’s lowered credit rating. When the rating was reduced, it triggered a clause in one of the “ agreements that could cause that $690 million obligation to become due beginning next week.”

— PTI