NU Online News Service, Dec. 4, 1:05 p.m. – The AXA Group, Paris, says it has completed a review of its portfolio and believes that it has less than $180 million in investments in Enron Corp., Houston.
All exposure comes through holdings of Enron bonds, not through holdings of Enron stock, AXA says.
Enron, a large natural gas distribution and trading company, filed for Chapter 11 bankruptcy protection in New York Monday, saying it had $50 billion in assets and $31 billion in liabilities.
Chapter 11 proceedings give troubled companies a chance to reorganize their operations. There is still a possibility that Enron could end up making good on some or all of its unsecured obligations.