Enron Faces Bankruptcy After Merger Nixed. By ABC News. November 29, 2001, 4:59 PM. NEW YORK, Nov. 29, 2001 -- Earlier this year, energy giant Enron was No. 7 in the Fortune 500.

Unsecured claims are currently valued between 22 cents and 25 cents on the dollar, Lockyer said. The settlement also calls for Houston-based Enron to pay a $600 million penalty to the three states. A ...