Enron laying off 7 percent of pipeline workforce
Thursday, May 29th 2003, 12:00 am
By: News On 6
(Houston-AP) -- Enron Corporation says it's laying off about 7% of the work force in its pipeline group this week.
Spokesman John Ambler said fewer than 100 of the 12-hundred workers in its ``PipeCo'' holding company will lose their jobs. PipeCo consists of Enron's interests in three U-S pipelines.
Enron is laying off the workers to cut costs. The layoffs come more than three months after a bankruptcy judge approved 29 (M) million dollars in retention bonuses for up to 900 workers. Those workers were deemed critical to the company's restructuring.
Enron has laid off more than nine-thousand of the more-than-20,000 workers it had before its December 2001 bankruptcy.