That date just kills me. The company is two weeks from an armageddon meltdown and they don’t know it yet. They’re aware that they’re danger, and the meters are going into the red, but they have no freaking idea the total hell that is awaiting them. Tick tick tick.
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Do you really think they didn’t know the end was near? They were trying to get Dynegy to purchase them, so they couldn’t put forth a plan that no doubt would have led to bankruptcy. I could be wrong, but these guys were too smart to not know they were living on borrowed time. And if they coulo have gotten Dynegy to purchase them, that would have solved everything. Of course that fell through, ultimately Dynegy got NNG from Enron and then later sold it to Warren Buffet… as even Dynegy was now feeling the same issues that plaqued Enron… largely lack of credit to make deals. And from that point forward the whole industry fell into financial ruin.
Oh they knew that shit was getting real. They were well aware that it was bad. But NOBODY thought the company was going to utterly collapse.
Dynegy doesn’t really have a credit problem; they’re a bit over leveraged and don’t need more senior credit.