Absa Group Limited - Comment On Exposure To The En
Absa Group Limited
A high level of interest has been evident in the Absa Group's exposure to
the Enron group.
Enron has filed for Chapter 11 protection following the downgrading of its
credit rating and the withdrawal of a takeover offer from Dynergy. Enron's
total debt is estimated to be in excess of US$30 billion.
Globally, Absa's potential exposure to Enron, as part of a syndicated
facility, is less than US$6 million. The exposure is indirect, and at
present, unfunded. Should this exposure materialise, Absa will rank as an
unsecured creditor of Enron.
Absa Bank's exposure is to Enron Corporation, the parent company.
Issued by : Willie Roux
Group consultant : Investor Relations
Telephone : 2711 350-4061
E-mail : willier@absa.co.za
Further inquiries : Johan Geldenhuys
Deputy Managing executive : Absa Corporate and Merchant Bank
Telephone : 2711 350-3041
E-mail : johang@absa.co.za
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