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PacSun said it would implement its reorganization plan through the Chapter 11 process and emerge as a privately owned company.
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Kenneth Lay Kenneth Lay, Enron's chairman and chief executive, said the financing will allow Enron to "continue to do business and move forward to implement the first steps of its reorganization…[We] are fully committed to meeting our obligations to our creditors as best we can".
"Chapter 11 will allow us the flexibility and the time needed to implement our reorganization plan and to move Sea Containers onto a sustainable financial footing".
It said its reorganization plan will affect 1,650 jobs, or nearly 12percentt of its work force.
The next Republican president will protect our nuclear secrets and aggressively implement a sweeping reorganization of our nuclear weapons program.
"We have begun to implement a companywide reorganization, which includes significant staff reductions, not renewing many consultants' contracts and the continuation of other cost-reduction initiatives, that will ensure we remain competitive and profitable in 2009," Christie's said in a statement on Monday, without saying how many positions might be cut or giving any further details.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com