Backgrounder: US top ten bankruptcies since 1980
- Source: xinhua
- [15:26 June 01 2009]
- Comments
US auto giant General Motors will file for bankruptcy protection in New York on Monday, the largest industrial bankruptcy in US history, and the fourth largest overall.
Following are US top ten bankruptcy filings since 1980.
Sept. 15, 2008, investment bank Lehman Brothers went bankrupt amid the financial crisis, with a listed 691 billion U.S. dollars in assets and 613 billion in debts.
Sept. 26, 2008, the largest US savings and loan holding Washington Mutual Inc. went bankrupt with its 327-billion-dollar asset immediately sold to banking giant JP Morgan Chase & Co for 1.9 billion dollars.
July 21, 2002, US telecommunications giant WorldCom filed for bankruptcy protection amid a mountain of debt and a growing scandal over accounting irregularities. In the bankruptcy petition, WorldCom listed an asset of 107 billion dollars as of March 31, against debts of 41 billion dollars.
Dec. 2, 2001, US energy giant Enron went bankruptcy with a listed 63.4 billion dollars in assets, after it lost credibility in the market due to its former chief financial officer's illegal scrapping of the company's debt.
Dec. 17, 2002, US insurance and finance company Conseco Inc. filed for Chapter 11 protection facing 6.5 billion dollars indebt and a federal investigation of its accounting practices. Its asset pre-bankruptcy was 65.5 billion dollars.
April 30, 2009, US automaker Chrysler LLC filed for bankruptcy protection with an asset of 39.3 billion dollars, and formed an alliance with Italian carmaker Fiat Group SpA.
May 1, 2009, US Residential Mortgage Lending Company Thornburg Mortgage, Inc. filed for bankruptcy protection with an asset of 36.5 billion dollars.
April 6, 2001, US electricity & natural gas company Pacific Gas and Electric Company went bankruptcy with an asset of 36 billion dollars.
April 12, 1987, US petroleum & petrochemicals giant Texaco,Inc. fell down with an asset of 34.9 billion dollars, causing turbulence to the energy market.
Sept. 9, 1988, US financial services & savings and loans company Financial Corp. of America went broke with an asset of 33.9 billion dollars.
