Azurix Corp. is a water services company, headquartered in Houston, Texas. The company owned and operated facilities in North America (mainly Canada), Europe, and South America. In 2007, Azurix was awarded a $165 million claim against the government of Argentina by an international arbitral tribunal; the company is currently involved in a dispute over Argentina's refusal to pay the claim.
Background
Azurix was formed when Enron Corporation purchased British company Wessex Water in 1998. In June 1999, it was part-floated on the NYSE stock exchange, with Enron retaining 34% ownership. The company was formed with an IPO of $800 million and an opening stock price of $22.00, which fell to $2.00 within two years. The business was a disaster for Enron, and in April 2001 Enron announced it would break up Azurix and sell its assets. Enron eventually sold Azurix North America and Azurix Industrial Operations to American Water Works for $141.5 million.
Leadership
The company was run by Rebecca P. Mark until her resignation in 2000; upon her resignation, John L. Garrison became chairman and CEO.