Enron - the background Timeline: Enron's rise and fall Published: September 10 2001 10:11GMT | Last Updated: February 12 2002 21:07GMT         Feb 10 2002 Lay invokes fifth amendment at Enron hearing Amid a barrage of criticism from his would-be interrogators, Kenneth Lay, former chief executive of Enron, refused to answer questions from a congressional committee investigating the collapse of the energy trader. Mr Lay invoked his constitutional right to remain silent when he appeared before the Senate commerce committee. Feb 7 2002 Former Enron boss blames panicking investors Jeffrey Skilling, the former chief executive of Enron, told a congressional hearing he had no knowledge of any wrongdoing at the failed energy giant and insisted that it would still be in business if panicking investors had not abandoned it last autumn.       Feb 5 2002 Andersen chief shifts blame in Enron debacle Joseph Berardino, Andersen's chief executive, blamed the structure of the accounting industry for contributing to the collapse of Enron, saying that audit rules barred Andersen accountants from warning the public about the energy giant's financial condition. Feb 3 2002 Lay pulls out of Enron testimony to Congress Kenneth Lay said he would not appear before Congress as scheduled to give evidence in the inquiry into the failed energy trader amid statements by congressional investigators that they believed Enron executives violated criminal laws.       Feb 1 2002 US Justice Department asks White House to retain all Enron records US Justice Department lawyers investigating the collapse of Enron asked the White House and all other federal agencies to retain any records documenting any contacts they might have had with the bankrupt energy giant's executives regarding its finances. Jan 30 2002 White House faces lawsuit over energy taskforce The General Accounting Office, Congress's influential auditing agency, is planning legal action to force the Bush administration to release records of the White House energy taskforce, the group that formulated the president's energy policy with input from Enron representatives.       Jan 29 2002 Sempra buys Enron's London metal trading arm Sempra Energy of the US buys the London-based metals trading arm of Enron for $145m. Jan 29 2002 Cooper is last chance for group's survival Enron reshuffles its remaining management as it appoints a corporate turnaround specialist to help lead what remains of the energy group out of bankruptcy.       Jan 23 2002 Lay resigns as Enron boss ahead of hearings Kenneth Lay resigns as chairman and chief executive of Enron, as the US Congress prepares to extend its investigation of the bankrupt energy trading company. Jan 15 2002 Enron papers destroyed after SEC probe began Andersen admits its staff appeared to have shredded and deleted Enron documents after receiving a subpoena from regulators, the first strong sign that there may have been criminal activity linked to the demise of the US energy trader.       Jan 14 2002 Enron chief was warned of possible accounts scandal Kenneth Lay was told in August that transactions with private partnerships run by company executives were "a bit like robbing the bank", according to documents uncovered by a congressional inquiry. Jan 11 2002 Enron chooses UBS as partner for trading unit Enron chooses UBS, the Swiss bank, as partner for the bankrupt company's core energy trading business, subject to court approval.       Dec 27 2001 Blow for Enron as $1.5bn rescue package delayed Enron is dealt another setback when a $1.5bn rescue package is put off until at least the end of January. Dec 21 2001 Enron files claim for Dabhol losses Enron, the bankrupt US power producer, has asked for millions of dollars in payments from the US government to compensate for the losses from its investment in the controversial Dabhol power project in India.       Dec 12 2001 SEC seeks court order for former Enron CFO The US Securities and Exchange Commission lose patience with Andrew Fastow, Enron's former chief financial officer, after he fails to appear to testify about the energy trader's collapse. Dec 12 2001 Andersen admits errors in Enron audit Andersen's chief executive admits for the first time that the "Big Five" accounting firm had erred in auditing Enron's accounts, but claim the company has withheld crucial information.       Dec 12 2001 AEP buys Enron's coal trading operations AEP, the large US energy group buys Enron's European-based international coal trading operations in a deal which is thought have cost $25m-$30m including substantial sums paid to keep former Enron traders. Dec 12 2001 JP Morgan Chase files $2.1bn suit against Enron JP Morgan Chase files a suit against Enron in bankruptcy court to recover $2.1bn in assets held in a group of special purpose vehicles that the bank oversaw as agent for the failed energy company.       Dec 9 2001 Enron executives face injunction A federal judge gives 29 current and former Enron executives and board members a week to respond to calls for an emergency injunction to freeze proceeds from their alleged "insider trading" and grant "expedited discovery" powers to open their personal records. Dec 4 2001 Administrators sell Enron Direct to Centrica Administrators for Enron Europe agree to sell Enron Direct, supplier of gas and power to 160,000 to small UK businesses, to Centrica, the UK utility, for £96.4m ($137m) in cash.       Dec 4 2001 Enron receives promise of $1.5bn in financing Enron is promised as much as $1.5bn of emergency financing as it struggles to preserve what was left of its core energy trading operations. Dec 3 2001 Enron lays off 4,000 as fallout spreads Enron lays off 4,000 US employees as the implications of the biggest bankruptcy in US history continues to ripple around the world.       Dec 2 2001 Enron files for Chapter 11 and sues Dynegy Enron seeks protection under US bankruptcy laws and launches a $10bn suit against Dynegy, the rival energy company that pulled out of a deal to buy Enron. Dec 1 2001 Administrators axe over 1,000 jobs at Enron More than 1,000 workers, mostly from Enron's European energy and commodity headquarters in London, are dismissed night by PwC, the company's administrator.       Nov 28 2001 Enron on the brink of bankruptcy as rescue fails Enron stands on the brink of bankruptcy after last-ditch attempts to rescue the giant energy trader falls through. Nov 11 2001 Enron investigating its own finances Enron has been running internal investigation for several months into the financial dealings that led a crisis of confidence on Wall Street and forced it to agree to a rescue merger.       Nov 9 2001 Dynegy close to $8bn deal to rescue Enron Dynegy is close to agreeing a rescue bid of about $8bn for Enron, after the rival energy group narrowly escapes having its credit ratings cut to junk status. Nov 1 2001 Enron secures $1bn lifeline from investment banks Enron secures a $1bn credit line from JP Morgan Chase and Citigroup arm, Salomon Smith Barney.       Oct 25 2001 Enron CFO quits amid partnership controversy Enron replaces its embattled chief financial officer, Andrew Fastow, in hopes of stopping a slide in its share price, which has lost 40 per cent of its value this week. Oct 22 2001 SEC asks Enron for more details on transactions Enron discloses that the Securities and Exchange Commission has requested it voluntarily provide information "regarding certain related party transactions" in the start of an informal inquiry.       Oct 18 2001 Analysts vent anger at 'hidden' Enron charge Enron gives details of a $1.2bn charge against equity it skipped over in its third quarter results briefing. Oct 16 2001 Exceptional charges push Enron into the red Enron unveils a third-quarter loss after admitting some parts of its business is under strain and taking $1bn of one-off charges.       Aug 28 2001 Enron appoints Greg Whalley as president and COO Enron says it has bolstered its top management team following the abrupt departure of Jeff Skilling earlier this month. Aug 14 2001 Enron CEO Jeffrey Skilling unexpectedly resigns Jeffrey K. Skilling, president and chief executive officer of Enron surprises financial markets by resigning after less than a year at the helm, citing personal reasons.       Jul 26 2001 Enron wants out of Indian power project Enron wants the Indian government to buy out its stake in the controversial $2.9bn Dabhol Power project near Bombay. Jun 4 2001 ExxonMobil seals Saudi deal, as Exxon exits In the Shaybah development, ExxonMobil's share is 70 per cent; while Occidental holds 15 per cent. Enron had also been awarded 15 per cent, but pulls out.       May 21 2001 Enron exits Dolphin project Enron pulls out of the $10bn Dolphin gas export project in the Persian Gulf. May 20 2001 US power group Enron to withdraw from India Enron is set to withdraw from India after a dispute over unpaid bills that has overshadowed the country's biggest single foreign direct investment.       Dec 14 2001 Skilling named Enron CEO Enron makes official some long-anticipated changes in its top management , announcing that Jeff Skilling will assume the chief executive position. His mentor and modern-day Enron founder, Ken Lay, pledges to stay on as chairman of the board rather than take a Bush administration post, as many had suspected. Jul 12 2000 Enron to go global Enron attempts to become a dominant "new economy" player by creating a fifth division called Enron Net Works, which will also house its electronic trading platform launched in November, Enron Online, where it does about $1.5bn of transactions daily.       May 21 1999 Enron to trade bandwidth on fibre optic network Enron Communications, a subsidiary of the Enron gas and electric group, plans to begin trading bandwidth on its fibre optic network as a commodity, enabling users to buy and trade communications capacity almost instantaneously. Mar 16 1999 Enron to float Azurix Enron plans to make an initial public offering of stock in Azurix, its global water and wastewater business subsidiary.       Jul 25 1998 Wessex agrees bid from Enron Enron announces its first big move into the international water sector with a £1.36bn ($ 2.24bn) agreed cash bid for Wessex Water of the UK. Nov 18 1985 Sam Segnar resigns as CEO of HNG/Internorth Mr Sam Segnar, the chairman and chief executive of HNG/Internorth, resigns in a surprise boardroom reshuffle. Mr Segnar, 58, is replaced by Mr Ken Lay, 43, former chief executive of Internorth and president of the new group.       May 3 1985 Internorth agrees to buy Houston Gas Internorth, the big U.S. natural gas pipeline group, and its smaller rival Houston Natural Gas agree to merge in a deal worth around $2.3bn. Jun 7 1984 Houston Gas gets new chief Houston Natural Gas, the Texas energy company, replaces its chairman and chief executive, and hires Mr Ken Lay, the 40-year-old president of Transco, a rival Houston pipeline and energy company, to head the group.