Top 10-largest-Bankruptcies-in-history

TOP 10 LARGEST BANKRUPTCIES IN HISTORY

1. Lehman Brothers Bankruptcy

Assets: $691 BillionBankruptcy Date: 09/15/2008

Lehman Brothers Holdings Inc. filing for bankruptcy was considered to be the Largest Bankruptcy in History with an over estimated cost of $691

Billion for insolvency. Known as a week of great panic of 2008 on the Wall Street, there was a massive low-down into the shares and debentures

with the declaration of insolvency with the U.S. Bankruptcy Court, Southern District of New York (Manhattan) by Lehman Brothers Holdings Inc. The company was a universally-renowned financial-services venture and participated in several commercial activities in asset banking, equity and fixed-income sales, research and exchange, investment supervision, reserved equity and banking. It was an established chief merchant in the

U.S. Treasury securities market.

2. Washington Mutual Bankruptcy

$327.9 BillionBankruptcy Date: 09/26/2008

On September 26, 2008, Washington Mutual Inc. with its lasting subordinate, WMI Investment Corp, finally declared for Chapter 11

bankruptcy, and subsequently was delisted from commencing trades on the New York Stock Exchange. All the remaining assets and liabilities were

headed by JPMorgan Chase. With the continuing fall of Washington Mutual Inc. an assurance was passed for Washington Mutual account

holders regarding their banking.

3. WorldCom Bankruptcy

Bankruptcy Date: 07/21/2002Assets: $103.9 Billion

Entitled as the second biggest long-distance communications provider in all of US, WorldCom was established in 1963, and saw successful heights in the

realm of commercial industry before filing for bankruptcy in 2002. Considered as one of the Largest Bankruptcies in the World, it was regarded as one of the

world’s largest and bewildered corporate crimes in history with fraud and criminal charges being put up against the executives. Bernard Ebbers, founder

and former CEO, was allotted a 25-year sentence in prison, while Scott Sullivan, former CFO, was sentenced to a 5-year jail term as he appealed guilty and

attested against Ebbers.

4. General Motors Bankruptcy

Bankruptcy Date: 06/01/2009Assets: $91 Billion

General Motors Company (GM for short) is a well-known United States based automaker with its foundation laid in Detroit, Michigan. According to the

revenues, GM was considered as the largest automaker in all of US and was ranked as the second in the year 2008. With an outstanding employment rate

and flourishing business graphs, the company was accorded the appreciation as the third-largest 2008 universal profits renderings on the Fortune Global 500. With the following success stories, filing for Chapter 11 Bankruptcy protection

within the grounds of Manhattan New York Federal bankruptcy court on June 1, 2009 came as a major shock to the world. An estimate of US$82.29 billion in

assets and US$172.81 billion in debt was reported to be filed under the insolvency section.

5. CIT Bankruptcy

Bankruptcy Date: 11/01/2009 Assets: $71 Billion

CIT Group Inc. was unveiled as a multi-functioning American commercial and consumer finance company in 1908, and was a

cheering name within the list of Fortune 500. The company leadingly contributed their fair share into several commercial processes such as

vendor funding, factoring, equipment and conveyance sponsoring, Small Business Administration loans, and asset-based lending. After the demolition of Lehman Brothers, the company dried up easy and

high, and soon, filed for bankruptcy in Chapter 11 in 2009.

6. Enron Bankruptcy

Bankruptcy Date: 12/02/2001Assets: $65.5 Billion

Under the List of Bankruptcies in USA arises the name Enron Corporation (earlier NYSE ticker icon ENE), an internationally acclaimed America-based energy

resources company centred in Houston, Texas. The organization saw some good times, employed at least 22,000 job seekers and was claimed one of the world’s biggest electricity, natural gas, pulp and paper, and communications companies before dissolving with bankruptcy in the year 2001. It was titled as “America’s

Most Innovative Company” for 6 consecutive years by Fortune. With the uprising of Enron scandal in October 2001 coming out in media, the company filed for

bankruptcy with a huge estimate of $65.5 Billion in the pot. Apart from that, this event led to the fierce insolvency of one of the prevalent audit and accountancy

firms in the world, Arthur Andersen.

7. Conseco Bankruptcy

Bankruptcy Date: 12/17/2002 Assets: $61 Billion

Established in the suburbs of Carmel, Indiana, Conseco Inc. is a reputed publicly traded holding company, and deals in insurance and

customer investment operations via a number of secondary corporations while managing a separate identity. Conseco Inc. with some of the other supplementary companies such as CIHC Inc. and

Conseco Finance Corp filed for t5he case under Chapter 11 insolvency fortification in the U.S. Bankruptcy Court in Chicago. The company saw a great insolvent disaster with a huge debt and the assets worth $61

Billion were dissolved shortly after in 2002.

8. Pacific Gas and Electric Co. Bankruptcy

Bankruptcy Date: 04/06/2001 Assets: $36.1 Billion

Pacific Gas and Electric Co. was encountered in 1905, headquartered in San Francisco and dealt with supplying a generous amount of natural

gas and electricity directed towards the most areas residing near Northern California. Initially doing well and being all inventory-

equipped, the company started experiencing the downfall after it sold off its natural gas power plants, and as a result, the breeding capacity lowered. With the dealings with other companies while selling the gas resources at a fixed price brought them to a darker place, they faced a major risk of bankruptcy in 2001 with proclaimed asset dissolution of

$36.1 Billion. But, in 2004, it emerged from the dark sight and established itself as one of the most lucrative businesses for 2005 on

the Fortune 500 list.

9. Texaco Bankruptcy

Bankruptcy Date: 04/12/1987 Assets: $34.9 Billion

Following the discovery of oil at Spindletop, Texaco was incorporated as Texas Fuel Company in 1901 by the innovators

named Joseph S. Cullinan, Thomas J. Donoghue, Walter Benona Sharp, and Arnold Schlaet, and is headquartered at Beaumont, Texas. Until the decision of the Texas Court of Appeals passed in

February 1987, Texaco was the only organization who manufactured gasoline in all 50 states, and soon was undertaken by Chevron Corporation in 2001 respectively. With a protest to

protect the company’s assets, it filed under United States Bankruptcy Code’s Chapter 11. This was considered a big

commercial blow and one of the Largest Bankruptcies of All Time.

10. Financial Corp. of America Bankruptcy

Bankruptcy Date: 09/09/1988 Assets: $33.8 Billion

The Financial Corporation, being the former holding organization for the American Savings and Loan Association, trailed for bankruptcy reigning

under Chapter 11 of the United States Bankruptcy Code on Sept. 9, 1988, and was settled as a part of liquidation in February 1989. The total estimated assets that drowned were up to $33.8 Billion and Robert M.

Bass Group of Fort Worth shot over $350 million, taking over the company as a liberated part of a Chapter 11 filing.

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