HOUSTON, Texas Enron proposed a plan Friday to emerge from bankruptcy as a smaller energy firm with a new name, at least temporarily: OPCO Energy.

The plan proposed to creditors in the wake of the largest bankruptcy in corporate history would create a company focused on natural gas and electrical transmission and electric power generation.

OPCO Energy company could have 15,000 miles of pipeline assets, 75,000 miles of distribution assets, 6,700 megawatts of generation, and 12,000 employees, Enron said in a statement.

According to an AFP report, it is estimated that opco could have $10.8 billion in assets and a projected earnings before interest, income taxes, depreciation and amortization in excess of $1.3 billion in calendar year 2003.

The proposal was submitted to Enron's unsecured creditors' committee to maximize recoveries through the exploration of a variety of alternatives for moving the company's core energy assets out from under its Chapter 11 case.

"We believe this process will lead to the maximization of value of Enron's core energy assets and the mitigation of risk by removing viable operations out from under Chapter 11," said Stephen Cooper, the reorganization specialist tapped as Enron interim CEO and chief restructuring officer.

"This enables Enron's creditors to realize value from the company's power and pipeline roots through an expedited process. However, this is just one of the options that we will openly explore with our creditors."

The company hopes to have the auction and sale process completed by the end of 2002.