Enron Faces Bankruptcy After Merger Nixed

NEW YORK, Nov. 29, 2001 -- Earlier this year, energy giant Enron was No. 7 in the Fortune 500. Today it is a worth less than $1 a share and on the verge of collapse.

In a decision that could spell the end for the Houston-based firm, Dynegy Inc., one of its chief rivals, called off its proposed deal to buy Enron on Wednesday. And analysts believe there are no other white knights out there interested in taking over Enron. The company's credit rating was downgraded to junk status by two major ratings firms, Standard & Poor's and Moody's.