HOUSTON -- Friday was payday for Enron employees, but they aren't sure how many more checks they'll be getting from what used to be one of the leading energy companies.

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Enron Employees Worry About Job Security

The future remains uncertain for Enron, but they are seeking bankruptcy protection in Europe and most analysts agree that may be the company's only option.

Thousands of employees waited to see what was going to happen Friday as paychecks went out as usual.

"It's hard," employee Leigh Estes said. "You don't know what to do. You want to start looking for a new job but don't want to jeopardize your position here if there's any hope."

On the third floor of the new Enron Center, some employees relieved the stress with a keg party Friday. The beer flowed until management found out and put a cork in it.

On the street, job placement counselor Lisa Costa offered her services to Enron employees and said that she was getting some good responses.

"They say, 'Are there any jobs?'" Costa said. "'What's the market like? Do you have jobs? I'll e-mail you my resume.'"

Enron is expected to file bankruptcy protection papers early next week, and they've already sought Chapter 11 bankruptcy in Europe to give them some breathing room to reorganize.

"It's going to be a race to the courthouse," said professor Nancy Rapoport, dean of the University of Houston Law Center. "Whoever wins first is going to take whatever assets are available, leaving nothing for anyone else who has a claim against the company."

But it may not work, according to some analysts.

Some believe that Enron has fallen so far so fast that it can't be reorganized, which is clearly evident by the rise and fall of their stock prices. Earlier this year, one share went for $84 and Friday it closed at 26 cents a share.

Chapter 11

Many experts predict Chapter 11 bankruptcy is the only option left for Enron.

Some analysts said that Chapter 11 could buy Enron officials some time to find out what the company is really worth.

However, bankruptcy may not be enough. Other experts believe Enron may have fallen too far.

The company could file as early as next week.

Congress Investigates

Whether or not Enron files for bankruptcy, it faces a lengthy congressional investigation.

Congressional leaders announced that they are planning to take a close look at Enron's accounting practices, as well as the impact of the company's fall on the electricity and natural gas markets.

But Congressman Gene Green said that he's more concerned about Enron employees.

"My concern is not so much for the upper executives of Enron because they all have a golden parachute," Green said.

The SEC is also investing Enron, and federal officials in Texas and New York plan to join the investigation.

Enron In UK

Enron Corp. in the United Kingdom announced Friday that they fired 1,100 employees.

The firings were part of a plan to find financing for the largest U.S. bankruptcy reorganization that could be days away.

Enron stock closed Friday down another 10 cents at 26 cents a share.