List of Largest Companies in Chapter 11 Bankruptcy

1. Lehman Brothers Holding, Inc. ( September 2008 )-$691 Billion. Lehman Brothers was founded 150 years ago and became the largest American corporate banruptcy. Barclays bought Lehman's business for $1.75 billion, and Nomura purchased its Asia assets.
2. Washingtom Mutual, Inc. ( September 2008 )-$328 Billion. The largest bank failure in the US. Washington Mutual collapsed quickly after the housing bubble burst. J.P. Morgan payed $1.9 billion for the branches and deposits.
3. Worldcom, Inc. ( July 2002 )-$104 Billion. The most notable bankruptcy in the telecommunications industry. In 2004 Worldcom emerged from bankruptcy as MCI and was purchased by Verizon in 2005 for $7.6 billion.
4. General Motors Company ( June 2009 )-$91 Billion. After the US Government poured billions into this iconic car company, GM was forced into bankruptcy.
5. CIT Group ( November 2009 )-$71 Billion. CIT the largest lender to small and mid-sized business filed for bankruptcy despite loans from the government.
6. Enron Corp. ( December 2001)-$65 Billion. Enron hid losses in offshore companies, insider trading and accounting fraud forced this leading energy company into bankruptcy. Enron sold its natural gas business to Ashmore Energy.
7. Conseco, Inc. ( December 2002 )-$61 Billion. Conseco is a large insurance company who purchased assets in the mobile home financing industry which led to its Chapter 11 bankruptcy.
8. MF Global Holdings ( October 2011 )-$40 Billion. Commodities and securities broker headed by John Corzine, prior governor and senator whose failed bet on sovergn debt brought this financial firm to ruin.
9. Chrysler Group LLC ( April 2009 )-$39 Billion. In May 2007 the Chrysler Group was sold to Cerberus Capital Management. In April 2009 Chrysler LLC filed for Chapter 11 protection. In June  most of its assets were sold, financed by the US Government.
10. Thornburg Mortgage ( May 2009)-$37 Billion. This real estate trust (Reit) with its focus on jumbo adjustable mortgages failed during the subprime mortgage crisis.
11. Pacifac Gas & Electric Co. ( April 2001)-$36 Billion. After deregulation volatile energy costs drove this utility into bankruptcy. The State of California provided funds during reorganization.
12. Texaco, Inc. ( April 1987 )-$35 billion. This large oil company merged with Chevron in 2000, a $35 billion deal. The company filed for bankruptcy after a $10 billion legal battle with Pennzoil.
13. Financial Corp of America ( September 1988 )-$34 Billion. This holding company for American Savings and Loan filed in September 1988. American was turned over to the Robert M. Bass Group for an injection of $350 million.
14. Refco Inc. ( October 2005 )-$33 Billion. This broker of commodities and futures cratered after its CEO hid $430 million in bad debts. Christie's auction house sold Refco's art collection and Philip Bennett (CEO) was sentenced to 16 years in prison.
15. Indy Mac Bancorp, Inc. ( July 2008 )-$32 Billion. Largest savings and loan in Los Angeles and fourth largest bank failure. One West Bank was created in March 2009 from this banks failure.
16. Global Crossing LTD. ( Janurary 2002 )-$30 Billion. Global Crossing is a telecommunications company which provided network services worldwide. Since emerging from bankruptcy the company has attempted to re-focus its business.
17. Bank of New England Corp. ( Janurary 1991)-$29 Billion. The FDIC seized this regional bank (470 branches ) because of losses in its loan portfolio. The liquidation company was named Recoll Management Corp.
18. Calpine Corp. ( December 2005 )-$27 Billion. This clean and green energy company emerged from bankruptcy in March 2008.
19. New Century Financial Corp. ( April 2007 )-$26 Billion. New Century a (Reit) was the second largest subprime mortgage lender and a casulty of the housing bubble.
20. Ual Corp ( December 2002 )-$25 Billion. This airline entered a long and complex process of reorganization, emerging from protection in Feburary 2006.
21. AMR Corp. ( November 2011)- $ 25 Billion. Last of the major carriers to file. AMR Corp singled out industry leading labor costs as one reason for it's bankruptcy filing.
22. Adelphia Communications ( June 2002 )-$21 billion. Adelphia was the fifth largest cable company before filing for bankruptcy in 2002. The majority of assets were acquired by Time Warner Cable and Comcast in July 2006.

 

 

Stephen P. Vlahos

Performance Plus Advisors, Inc.

 

 

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