mortality cartographer (beeooll) wrote,
mortality cartographer

History of Enron Corp.

HOUSTON, Nov 28, 2001 (AP Online via COMTEX) -- A look at the history of Enron Corp.:

July 1985 - Houston Natural Gas merges with InterNorth, a natural gas company based in Omaha, Neb., to form the modern-day Enron, an interstate and intrastate natural gas pipeline company with approximately 37,000 miles of pipe.

1989 - Enron begins trading natural gas commodities. Over the years, the company becomes the largest natural gas merchant in North America and the United Kingdom.

June 1994 - Enron North America trades its first electron. Enron goes on to become the largest marketer of electricity in the U.S.

August 1997 - Enron announces its first commodity transaction using weather derivative products. Enron goes on to market coal, pulp, paper, plastics, metals and bandwidth.

April 1999 - Enron agrees to pay $100 million over 30 years for the naming rights to Houston's new ballpark, Enron Field. The Astros also sign a 30-year facilities management contract Enron Energy Services.

November 1999 - Enron launches EnronOnline, the first global Web-based commodity trading site.

December 2000 - Enron announces that president and chief operating officer Jeffrey Skilling will take over as chief executive in February. Kenneth Lay will remain as chairman. Shares hit 52-week high of $84.87 on Dec. 28.

August 2001 - Skilling resigns after running the company for just six months; Lay becomes CEO again.

October 16, 2001 - Enron reports a $638 million third-quarter loss and discloses a $1.2 billion reduction in shareholder equity, partly related to partnerships run by chief financial officer Andrew Fastow.

Oct. 22, 2001 - Enron acknowledges Securities and Exchange Commission inquiry into a possible conflict of interest related to the company's dealings with those partnerships.

Oct. 24, 2001 - Enron ousts Fastow.

Oct. 31, 2001 - Enron announces the SEC inquiry has been upgraded to a formal investigation. Enron creates special committee headed by University of Texas law school dean William Powers to respond to the investigation.

Nov. 6, 2001 - Enron's stock price drops below $10 a share after reports the financially troubled energy trader was seeking additional financing to shore up confidence.

Nov. 8, 2001 - Enron files documents with SEC revising its financial statements for past five years to account for $586 million in losses.

Nov. 9, 2001 - Dynegy Inc. announces an agreement to buy its much larger rival Enron for more than $8 billion in stock.

Nov. 14, 2001 - Enron announces it is trying to raise an additional $500 million to $1 billion in new private equity to shore up customer and market confidence.

Nov. 19, 2001 - Enron restates its third-quarter earnings and discloses it is trying to restructure a $690 million obligation that could come due Nov. 27.

Nov. 20, 2001 - Concerns about Enron's ability to weather its spiraling financial problems send the company's stock down nearly 23 percent to its lowest level in nearly 10 years. Officials from both Enron and Dynegy say the merger was not in trouble.

Nov. 21, 2001 - Enron reaches critical agreement to extend $690 million debt payment.

Nov. 26, 2001 - Enron shares fall another 15 percent as investors continued to doubt that the deal will completed. Shares finish day at $4.01.

Nov. 28, 2001 - Dynegy backs out of deal after Enron's credit rating is downgraded to junk bond status; analysts say a bankruptcy filing is likely. Enron shares plunge below $1 amid the heaviest single-day trading volume ever for a NYSE or Nasdaq-listed stock.

Copyright 2001 Associated Press, All rights reserved
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