Monday, September 27, 2010
Enron Corporation was an American energy company located in downtown Houston Texas. Before Enron went bankrupt in late 2001, they employed about 22,000 staff, and were one of the world’s leading electricity, natural gas, communications and pulp and paper companies, with claimed revenues of 101 billion in 2000. At the end of 2001, it was brought out that Enron's reported financial condition was altered institutionalized, systematic, and creatively planned accounting fraud. The scandal affected the wider business world causing the dissolution of the Arthur Anderson accounting firm. Enron filed for bankruptcy protection in late 2001, and in 2004 they emerged from it in 2004. Being one of the biggest and complexing bankruptcy cases in U.S history, a new board of directors changed the name of Enron to Enron creditor’s recovery crop, to focus on reorganizing and liquidating certain operations and assets of the pre bankruptcy of Enron.