enron files chapter 11 reorganization employees morning enron took series actions designed stabilize situation preserve value businesses filed voluntary petitions relief chapter 11 u bankruptcy code contrary popular belief mean business mean entered court supervised process continue operate businesses reorganize finances explore various strategic operational financial alternatives including sale non core assets orderly manner connection filing chapter 11 reorganization enron active discussions leading financial institutions debtor possession dip financing expects complete discussions shortly upon completion court approval arrangements new funding available immediately interim basis supplement enron existing capital help company fulfill obligations associated operating business including employee payroll payments vendors goods services provided today filing filed lawsuit dynegy alleging breach contract causes action dynegy wrongful termination proposed merger asking court damages less 10 billion also announced morning active discussions various leading financial institutions providing financial support recapitalize revitalize company wholesale energy trading operations new ownership structure contemplated recapitalized entity staffed people enron current wholesale energy trading team conduct counterparty transactions enrononline first steps strategic restructuring process allow enron meet obligations creditors preserve value core wholesale energy trading business operational standpoint energy businesses including pipelines utilities energy assets conducting safe normal operations around world continue know second unavoidable part restructuring improve financial position implementing comprehensive cost savings program entail significant reduction work force painful us goal many possible know stand end day tuesday though cases notification take longer friends colleagues lose jobs part process remain company payroll addition submit severance pay plan bankruptcy court approval approval must received begin paying severance benefits providing information plan soon court made determination know actions raise new questions company future means us business unit leader holding floor meetings monday discuss events addition access copy press release also q materials monday great deal simply know yet hope materials help answer least questions decisions made affecting company people operations let know quickly possible still considerable value opportunity business strategic restructuring process beginning allow us preserve value opportunities behalf board entire management team greatly appreciate patience professionalism whatever support offer navigate tough times better future ken