Enron Corporation (former New York Stock Exchange ticker symbol ENE) was a north american energy, products, and providers company based in Houston, Tx. Before its bankruptcy upon December two, 2001, Enron employed roughly 20, 1000 staff and was one of many world's main electricity, gas, communications, and pulp and paper businesses, with said revenues of nearly $111 billion during 2000. Lot of money named Enron " Many Most Innovative Company" for half a dozen consecutive years.
At the end of 2001, it was revealed that their reported finances was sustained substantially simply by an institutionalized, systematic, and creatively prepared accounting fraud, known since as the Enron scandal. Enron offers since get a well-known example of willful corporate and business fraud and corruption. The scandal likewise brought into issue the accounting practices and activities of several corporations in the United States and was a factor in the creation in the SarbanesвЂ“Oxley Take action of 2002. The scandal also afflicted the greater world of business by triggering the grave of the Arthur Andersen accounting firm.
Enron filed intended for bankruptcy inside the Southern Region of New You are able to during later 2001 and selected Zumal, Gotshal & Manges as the bankruptcy advice. It concluded its bankruptcy during The fall of 2004, pursuant to a court-approved plan of reorganization, after one of the most sophisticated bankruptcy instances in U. S. background. A new table of administrators changed the name of Enron to Enron Lenders Recovery Corp., and highlighted reorganizing and liquidating particular operations and assets from the pre-bankruptcy Enron. On Sept. 2010 7, 06\, Enron sold Prisma Strength International Inc., its previous remaining business, to Ashmore Energy Intercontinental Ltd. (now AEI).
Key banks uncovered include Abbey National, ANZ, Bear Stearns, Canadian Soberano Bank of Commerce, Chubb Corp, Citibank, Commonwealth Financial institution, CrГ©dit Lyonnais, ING Group, JP Morgan, Mitsubishi UFJ Financial Group, National Sydney Bank, Nikko Cordial, Basic principle Financial, Sanwa Bank, Fiat Bank, Sumitomo Mitsui Monetary Group, and Westpac.
1 Early history
1 . 1 Deceiving financial accounts
2 Past management and corporate governance
three or more Products
several. 1 On the net marketplace companies
3. 2 Broadband services
3. three or more Energy and commodities companies
3. some Capital and risk management services
3. 5. 1 Commercial and professional outsourcing services
3. four. 2 Project development and management services
3. a few Enron Worldwide
3. a few. 1 Supervision
3. your five. 2 Jobs
3. 5. 3 India
3. five. 4 Project Summer
a few. 6 Enron Global Pursuit & Development, Inc.
your five Principal assets
5. you Power crops
5. 1 ) 1 Creation
5. two Pipelines
a few. 3 Electric power utilities/distributors
5. 4 Normal gas-related businesses
5. a few Pulp and paper
five. 6 Other
6 Enron Prize to get Distinguished Public Service
six 2001 Accounting scandals
six. 1 Accounting practices
7. 2 Top and drop of share price
six. 3 Post-bankruptcy
8 California's deregulation and subsequent energy crisis
being unfaithful See as well
12 External links
doze. 1 Data
Enron Complicated in Downtown Houston.
Enron's predecessor was the Northern Gas Company, that has been formed in 1932, in Omaha, Nebraska. It was reorganized in 1979 as the main supplementary of a keeping company, InterNorth which was a diversified strength and strength related goods company. Internorth was a key business pertaining to natural gas production, transmission and marketing along with natural gas liquids and was an boss in the materials industry.
The corporation initially named itself " HNG/InterNorth Inc. ", although InterNorth was your nominal parent. It built a large and lavish hq complex with pink marble in Omaha (dubbed in your area as the " Pink Palace" ), that was later acquired by Physicians Mutual corporation. However , the reduction of ex-InterNorth and first CEO of Enron Corp Samuel Segnar six months after the merger allowed former HNG CEO Kenneth...
References: Kenneth Lay: Chief, and Chief executive officer
Jeffrey Skilling: President, Primary operating expert, and CEO (FebruaryвЂ“August 2001)
Joan Foley: Head of Enron Human Resources
Richard Kinder: President and COO of Enron (1990-December 1996); co-founder of Kinder Morgan