Enron

related topics
{company, market, business}
{law, state, case}
{film, series, show}
{son, year, death}
{island, water, area}
{game, team, player}
{build, building, house}
{system, computer, user}
{black, white, people}

Enron Corporation (former NYSE ticker symbol ENE) was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy in late 2001, Enron employed approximately 22,000[1] staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with claimed revenues of nearly $101 billion in 2000.[2] 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 institutionalized, systematic, and creatively planned accounting fraud, known as the "Enron scandal". Enron has since become a popular symbol of willful corporate fraud and corruption. The scandal also brought into question the accounting practices and activities of many corporations throughout the United States and was a factor in the creation of the Sarbanes–Oxley Act of 2002. The scandal also affected the wider business world by causing the dissolution of the Arthur Andersen accounting firm.[3]

Enron filed for bankruptcy protection in the Southern District of New York in late 2001 and selected Weil, Gotshal & Manges as its bankruptcy counsel. It emerged from bankruptcy in November 2004, pursuant to a court-approved plan of reorganization, after one of the biggest and most complex bankruptcy cases in U.S. history. A new board of directors changed the name of Enron to Enron Creditors Recovery Corp., and focused on reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron.[4] On September 7, 2006, Enron sold Prisma Energy International Inc., its last remaining business, to Ashmore Energy International Ltd. (now AEI).[5]

Contents

Full article ▸

related documents
Economy of Zambia
Import substitution industrialization
Bond (finance)
Standard Oil
Economy of Estonia
Economy of Bangladesh
Economy of Moldova
Economy of Bahrain
Initial public offering
Economy of Sudan
Economy of Morocco
GTE
Economy of Eritrea
Economy of the United Kingdom
Borland
Economy of Croatia
Economy of Afghanistan
Morgan Stanley
Economy of Oman
Franchising
Economy of Haiti
Economy of the Dominican Republic
Currency
Protectionism
Debt
Gold standard
Tennessee Valley Authority
Amtrak
Bank of Credit and Commerce International
Economy of Venezuela