Business & Finance
Enron is expected to file for Chapter 11 protection from creditors today, the Financial Times reported. The Houston-based energy-trading giant dismissed 1,100 employees at its London office Friday; 20,000 others around the world were awaiting word on whether they still have jobs. Meanwhile, estimates of the financial impact of the bankruptcy on the energy, banking, insurance, and shipping sectors grew to billions of dollars in losses. Enron's downfall comes after rival and would-be savior Dynegy Inc. walked away from an $8.4 billion bailout last week. Enron shares fell to 26 cents on the New York Stock Exchange Friday. A year ago, they were about $85. (Story, page 3.)
ExciteAtHome, the bankrupt high-speed Internet provider, shut its network to 850,000 AT&T customers, but said it was still in negotiations over a new service deal with other cable companies that serve the rest of its 3.7 million customers in North America. Excite said it needs a new deal to make a profit. AT&T, which wants to buy the company, already had moved about 10 percent of its AtHome customers to its own broadband service and had no plan to resume talks on a new deal. A bankruptcy court in San Francisco ruled last week that ExciteAtHome could unplug customers in order to renegotiate more favorable terms.