Defunct energy trading company Enron said today it would agree to allow Dynegy to exercise its option to buy the lucrative Northern Natural Gas pipeline.
In a separate statement, Dynegy said it would extend Enron's option to buy back the pipeline to June 30th.
Enron said it was still pursuing a separate suit against Dynegy seeking $10 billion in damages and that Dynegy would dismiss its Texas counter-suit.
Dynegy said it would pursue claims against Enron for what it called breaches of the merger pact, which fell apart in December. For its part, Enron filed a suit against Dynegy on December 2nd in New York when it filed for the largest Chapter 11 bankruptcy in US history.
Dynegy said it would pay Enron $23 million exercise price at the closing of the pipeline deal, subject to some adjustment.