El Paso to cut debt by a third, while gas trader pleads guilty

Struggling US gas company El Paso Corp has announced a plan to reduce its total debt from $22 billion as of September 30 to $15 billion by the end of 2005. Chiefexecutive Doug Foshee says: “The plan identifies the long-term businesses ofthe company, details a corporate reorganisation that will result in significantcost savings and establishes a new strategic direction for El Paso’s explorationand production business.”

The Houston-based company aims to achieve the debt reduction through $3.3

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: