Enron says its reorganisation has been approved by the US Bankruptcy Court, clearing a major hurdle to its emerging from court supervision.
The company says there are still certain tax and control issues, but it will begin distributions to its creditors as soon as possible.
The approval clears the way for the exit from bankruptcy protection, possibly later this year, for Enron, the former energy giant that became a symbol of corporate misconduct in the US.
Under the plan, the name Enron will disappear and creditors will get a combination of cash and equity in Prisma Energy International, Enron's international energy asset business.
Two other business units, the Portland General Electric utility group and pipeline unit CrossCountry Energy, will be sold under the plan.
The company said that at the end of the reconciliation process it expected to have cash and equity assets available for distribution of $12 billion, while allowable claims against the company are expected to be about $63 billion.
Among Enron's biggest creditors are banks, including JP Morgan Chase, Citigroup, Credit Lyonnais and ABN Amro. Enron filed for bankruptcy in December 2001, after its complex web of accounting schemes to hide its debts came to light.
