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Date: Mon, 6 Nov 2000 01:45:00 -0800 (PST)
From: michel.decnop@enron.com
To: chris.mahoney@enron.com, anastasia.karabatsos@enron.com, 
	david.hardy@enron.com, tim.davies@enron.com, robert.quick@enron.com, 
	ross.koller@enron.com
Subject: Garcia Munte update
Cc: john.nowlan@enron.com, john.sherriff@enron.com, michael.brown@enron.com, 
	mike.mcconnell@enron.com, jeffrey.shankman@enron.com, 
	steve.young@enron.com
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Chris, Anastasia and I had a 9 hours meeting friday, at the end of which the 
following package was obtained  :

GM repays the outstanding unsecured debt (USD 14.5 million) as follows :
USD 5 million this week, balance spread with 1,5 million per week until 
december 31st.
(This is subject to tuning from GM finance after they make cashflow 
projections).

GM will sign :
Enron Managing Directorship of ECTRIC Spain
Notarized transfer of deeds on the 93.000 MT strategic inventories, and 
ECTRIC will take direct storage contract with terminals.
(This will secure the title of strategic inventories, and at the same time 
eliminate the derived risk on hedge)

ECTRIC Spain will function with a working committee of 4 (2 Enron,2 GM), 
Enron leaves GM the domestic downstream contacts but control finance and 
imports into Spain.

Signature should take place in Barcelona wednesday, would like to have 
meeting today pm to go over documents and get Finance, Legal, Tax approval.
Thank you