Enron comes out of bankruptcy

Enron received court approval today to emerge from one of the most expensive bankruptcies in history.

US Bankruptcy Judge Arthur Gonzalez in New York signed off on Enron’s plan to exit Chapter 11 bankruptcy protection with no notable adjustments.

Houston-based Enron went bankrupt in December 2001 amid revelations of hidden debt, inflated profits and accounting skullduggery. Thousands of workers lost their jobs and millions of investors who had not already bolted watched their shares become worthless.

Dozens of people, including Enron founder and former chairman Kenneth Lay, former CEO Jeffrey Skilling and former finance chief Andrew Fastow, have been charged with crimes in the Justice Department’s ongoing probe of what caused the collapse.

Fastow is among 10 former executives who have pleaded guilty, while Lay and Skilling are among 20 who have pleaded innocent and are facing trial.

The massive bankruptcy generated more than £400m (€600m) in fees for lawyers, accountants, consultants and examiners, according to the Texas Attorney General’s office.