|Front Page | In-depth | Business | The Enron affair|
| November 2001: The final days|
Enron struggles to stay afloat and scrambles for a merger
And then the final blows came. On 28 November, Enron was left fighting for its corporate life after the major credit rating agencies gave it junk-bond status - a highly symbolic decision to judge the company a massive risk for investors, and with the potential to collapse.
The announcement meant that Enron was immediately liable for almost $4bn of its $13bn of debt.
Dynegy pulled out of the merger and the shares, 90% down on October, crashed through the $1 floor, spelling corporate disintegration.
One of the biggest corporate collapses in American history was virtually complete.
Thousand of jobs had gone, billions of dollars in shares rendered worthless. Aftershocks hit companies all around the world.
The following day, the Securities and Exchange Commission says that it was including Andersen in its investigation.
Click on the red dots on the graph for more detail.
|Back to Top|
| © MMV | News Sources | Privacy