|Front Page | In-depth | Business | The Enron affair|
|†December 2001: Bankrupt|
†Kenneth Lay's empire falls, leaving investors and employees stranded
No longer able to cope with its debt, Enron filed for bankruptcy protection in a New York court on 2 December 2001, simultaneously launching a legal action against Dynegy for pulling out of the merger.
In three months Enron had gone from being a company claiming assets worth almost £62bn to bankruptcy. Its share price collapsed from about $95 to below $1.
"Uncertainty has severely impacted the market's confidence in Enron and its trading operations," Kenneth Lay commented as he saw his company implode.
"We are taking the steps announced today to help preserve capital, stabilise our business and enhance our confidence to pay our creditors."
Click on the red dots on the graph for more detail.
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