Enron

Enron

Enron Corporation (former NYSE ticker symbol ENE) was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,000 staff and was one of the world's major electricity, natural gas, communications, and pulp and paper companies, with claimed revenues of nearly $101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years. At the end of 2001, it was revealed that its reported financial condition was sustained substantially by an institutionalized, systematic, and creatively planned accounting fraud, known since as the Enron scandal. Enron has since become a well-known example of willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations in the United States and was a factor in the creation of the Sarbanes–Oxley Act of 2002. The scandal also affected the greater business world by causing the dissolution of the Arthur Andersen accounting company.

Enron filed for bankruptcy protection in the Southern District of New York during late 2001 and selected Weil, Gotshal & Manges as its bankruptcy counsel. It ended its bankruptcy during November 2004, pursuant to a court-approved plan of reorganization, after one of the most complex bankruptcy cases in U.S. history. A new board of directors changed the name of Enron to Enron Creditors Recovery Corp., and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron. On September 7, 2006, Enron sold Prisma Energy International Inc., its last remaining business, to Ashmore Energy International Ltd. (now AEI).

Read more about Enron:  Early History, Former Management and Corporate Governance, Products, EnronOnline, Enron Prize For Distinguished Public Service, 2001 Accounting Scandal, California's Deregulation and Subsequent Energy Crisis

Other articles related to "enron":

Enron - California's Deregulation and Subsequent Energy Crisis
... recipient of campaign contributions from Enron, succeeded in legislating California's energy commodity trading deregulation ... Public Citizen reported, "Because of Enron's new, unregulated power auction, the company's 'Wholesale Services' revenues quadrupled—- from $12 billion in the first quarter of ... Enron traders were revealed as intentionally encouraging the removal of power from the market during California's energy crisis by encouraging suppliers ...
LJM (Lea Jeffrey Michael) - Illustrative Transactions With LJM - ENA CLO
... In December 1999, Enron North America (ENA) pooled a group of its loans receivable into a Trust (known as a collaterized loan obligations) and sold about $324 million of ... Since the loans had now supposedly been sold off without resource to Enron, this allowed Enron to claim that is was no longer subject to credit exposure - improving its ... Later, when some of the loans began to default, Enron provided support to the CLO in a Rhythms-like move by giving it a put option on $113 million of its stock ...
LJM (Lea Jeffrey Michael)
... Fastow's wife and children, was a company created in 1998 by Enron's CFO, Andrew Fastow, to buy Enron's poorly performing stocks and stakes and bolster Enron's financial statements ...
Lynn Brewer
... before her marriage, is the author of the book "Confessions of an Enron Executive A Whistleblower's Story" ... In 1998 she was hired as a senior specialist at Enron ... Her job at Enron was to head up a team that examined natural gas and power contracts, writing brief summaries for managers ...
Sutton Bridge Power Station - History
... It was built by Enron at a cost of £337 million in May 1999 trading under the name of Sutton Bridge Power ... It was constructed by Enron Engineering Construction and designed by Stone Webster with help from Atlantic Projects in building the steam turbine ... Enron already had another large CCGT power station on Teesside (which is the largest in Europe) ...