Prisma Energy International
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Prisma Energy International Inc., was a former subsidiary of Enron Corporation, formed in 2003 to own and manage the majority of Enron's overseas assets, formerly known as "Enron International". Prior to its official organization, Prisma was referred to within Enron as "InternationalCo". Enron's original bankruptcy reorganization plan, presented in early 2002, would have created a company broadly similar to Prisma (known under the working name "OpCo Energy"), but including Portland General Electric and the energy trading business, both later divested separately. As one of the final steps in Enron's liquidation, following their 2001 bankruptcy, Prisma was sold to Ashmore Energy International Ltd., a unit of Ashmore Group Plc., in 2006. Prisma was structured as an 'offshore' United States corporation incorporated in the British Overseas Territory of the Cayman Islands, but with its headquarters in Houston, Texas. It served as a holding company for 15 gas and electricity businesses. Its subsidiary, Prisma Energy International Services LLC, employed approximately 125 individuals, most at its headquarters in based in Houston, Texas. Assets in which Prisma Energy managed an interest employed an additional 6,500 employees worldwide. Following its 2006 sale to Ashmore Energy International, Prisma no longer exists as a tangible company, its assets having been integrated into AEI.
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[edit] Scope of operations
Prisma Energy managed interests in international energy assets focused on transportation, distribution and generation of gas and electricity with approximately:
- 5,145 miles of natural gas transmission pipelines
- 1,700 miles of oil/liquids pipelines
- 56,000 miles of electric transmission and distribution lines
- 1,903 MW of electric power generating capacity
- 4 million LPG and electric power customers
- 15 businesses located in 11 countries
[edit] Enron bankruptcy
According to the final restructuring plan submitted to bankruptcy court, Enron Corporation will be dissolved at the conclusion of the restructuring process, which would have allowed Prisma Energy International to emerge as an independent company. Enron's creditors, who lost about $63 billion due to its massive bankruptcy, were expected to receive between 17 and 22 cents on the dollar in cash and in Prisma stock due to its parent company Enron's dissolution. Prisma Energy had three business segments: natural gas, power distribution, and power generation on four continents. The natural gas units process and supply liquefied petroleum gas (LPG) in Bolivia, Brazil, Colombia, and South Korea. The power distribution business consisted of Elektro Eletricidade, a Brazil-based company with 1.8 million customers. Prisma Energy's power generation units managed power plants in Europe and South America. As of 2006, Enron's bankruptcy case is still on going. Despite earlier plans to spin-off Prisma as an independent, public company, Enron instead reached a deal to sell the business outright to a unit of the London-based Ashmore Group. On September 7, 2006, the sale of Prisma to Ashmore Energy International Ltd. was completed.
[edit] Board members
Board members included:
- Ron Haddock, Executive Chairman and CEO
- John W. Ballantine
- Philippe A. Bodson
- Lawrence S. "Larry" Coben
- Dr. Paul K. Freeman
- Henri Philippe
- Robert E. Wilhelm
[edit] External links
- PrismaEnergy.com - 'Prisma Energy is an international energy company, which manages interests in a group of 15 energy assets located in 11 countries' (corporate homepage)
- AdeaSolutions.com - 'Ron Haddock'
- Enron.com - 'Enron is in the midst of restructuring various businesses for distribution as ongoing companies to its creditors and liquidating its remaining operations'
- [1] - 'Prisma Energy International Inc.'
- WashingtonPost.com - 'Enron's Planned End: Symbol of Greed Has Shed Assets, Hopes to Drop Name and Emerge', Carrie Johnson, Washington Post (June 3, 2004)
- Press release announcing sale of Prisma to Ashmore Energy International Ltd.
