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December 2001: Bankrupt
Kenneth Lay's empire falls, leaving investors and employees stranded

2 Dec:
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.



 INTERNATIONAL SHOCKWAVES:
 Companies with substantial exposure to Enron

J P Morgan:
$900m

Sumitomo Mitsui Corp:
$210m
Citigroup:
$800m
Nikko Cordial:
$207m
Credit Lyonnais:
$250m
Principal Financial Group:
$171m
Bank of Tokyo-Mitsubishi:
$248m
Abbey National:
$164m
Chubb Corp:
$220m
National Australia Bank:
$104m
Canadian Imperial Bank:
$215m
Duke Energy Corp:
$100m

Some 25 further companies have declared Enron exposure totalling an estimated $1bn
Total global investment exposure at least $4bn
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