One of the largest companies in the United States has failed. The Enron Corporation has asked a federal court for protection because it can not pay the thousands of millions of dollars of money it owes. Enron is an energy trading company that buys and sells electricity and natural gas. It also owns or controls several other companies that deal in several different products.
Enron asked for bankruptcy protection for itself and fourteen of its companies. Under the bankruptcy law, a business can continue to operate while it tries to negotiate new credit with companies and banks to whom it owes money.
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