Enron Corporation promised a bright future for employees and investors, as its stock skyrocketed. Fortune magazine even named the company “America’s Most Innovative Company” six years in a row. The fame and prestige came to an abrupt end, however, after the company’s corruption was discovered.

On this day, December 2nd, in 2001, Enron was forced to file for bankruptcy under Chapter 11 of the US Bankruptcy Code. This action was imminent after the deal with competitor Dynegy fell apart.

Dynegy, a smaller energy company than Enron, had planned to make a deal with Enron, but the plan fell through after concerns surfaced about Enron’s real earnings. Enron’s collapse created a massive scandal, which devastated investors. Before it filed for bankruptcy, Enron employed about 20,000 people.