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After 56 days of trial and six days of deliberation, a federal jury in Houston convicted Enron's two former chief executives. Kenneth Lay was found guilty on all six counts he faced; Jeffrey Skilling was convicted on conspiracy, securities fraud, false statements and insider trading counts, closing the criminal case over the largest US corporate collapse of its time.

Saks Global Enterprises and roughly 113 affiliates filed for Chapter 11 bankruptcy in the Southern District of Texas, seeking court approval for a $1 billion debtor-in-possession loan after missing a $100 million bond interest payment weeks earlier, a year after its debt-funded purchase of Neiman Marcus.