Enron to emerge from bankruptcy
More than two years since its spectacular collapse, the shamed energy giant, Enron, has won approval to emerge from one of the most expensive bankruptcies in US history.
Link: Enron looks to emerge from the ashes
Under the plan, creditors will receive less than 20 cents in the dollar and the Enron name will disappear.
Once Enron sells off its major assets to pay creditors, all that will be left of the scandal-ridden company – once the US’s seventh-largest – will be a smattering of pipeline and power assets in 14 countries.
Enron declared bankruptcy on 2 December 2001, after it emerged the company had hidden millions of dollars in debt using off balance sheet transactions.
The ultimate shame however was served on the company’s auditors, Andersen, when the accountancy firm collapsed in 2002 due to the scandal.