Wednesday, September 17, 2008

Biggest Corporate Bankruptcies

Lehman Brothers Holdings Inc.’s Chapter 11 filing is by far the largest corporate bankruptcy case in the U.S., measured by total assets before the filing. Lehman Brothers filed for Chapter 11 bankruptcy protection Monday after falling under the weight of $60 billion in soured real estate holdings. Its filing listed $639 billion in assets as of May 31.The list includes the date of the company’s bankruptcy filing and its assets at the time of filing. The Enron assets were taken from its quarterly Securities and Exchange Commission filing on Nov. 19, 2001; the company announced that the financials were under review at the time of filing for Chapter 11. The amounts are not adjusted for inflation.
1. Lehman Brothers Holdings Inc., Sept. 15, 2008, $639 billion2. Worldcom Inc., July 21, 2002, $103.91 billion3. Enron Corp., Dec. 2, 2001, $63.39 billion4. Conseco Inc., Dec. 18, 2002, $61.39 billion5. Texaco Inc., April 12, 1987, $35.89 billion6. Financial Corp. of America, Sept. 9, 1988, $33.86 billion7. Refco Inc., Oct. 17, 2005, $33.33 billion8. Global Crossing Ltd., Jan. 28, 2002, $30.19 billion9. Pacific Gas and Electric Co., April 6, 2001, $29.77 billion10. UAL Corp., Dec. 9, 2002, $25.2 billion11. Delta Air Lines Inc., Sept. 14, 2005, $21.8 billion12. Adelphia Communications, June 25, 2002, $21.5 billion13. Mcorp, March 31, 1989, $20.23 billion14. Mirant Corp., July 14, 2003, $19.42 billion15. Delphi Corp., Oct. 8, 2005, $16.59 billion

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