Chart of the day: the largest bankruptcies in US history

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The bankruptcy of Lehman Brothers, with assets of over $600 billion is the largest in U.S. history. Wikipedia has catalogued the list of the largest U.S. bankruptcies of all time. (Hat tip: Börsennotizbuch)

Drum roll, please.

The current Bankruptcy Code was enacted in 1978 by § 101 of the Bankruptcy Reform Act of 1978[34], and generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act, sometimes called the “Nelson Act”[35], which initially entered into force in 1898. The current Code has been amended numerous times since 1978. See also the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Before 1898 there were several short-lived federal bankruptcy laws in the US. The first was the act of 1800[36] which was repealed in 1803, followed by the act of 1841[37] which was repealed in 1843, and then the act of 1867[38], which was amended in 1874[39] and repealed in 1878.

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The largest bankruptcy in U.S. history occured on September 15, 2008, when Lehman Brothers Holdings Inc. filed for Chapter 11 protection with more than $639,000,000,000 in assets[40], greater the next 15 largest bankruptcies put together.

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The next 15 largest corporate bankruptcies are as follows[41]:

CompanyBankruptcy DateTotal Assets Pre-Bankruptcy
Lehman Brothers Holdings, Inc.9/15/2008$639,000,000,000 (approximate)
Worldcom, Inc.7/21/2002$103,914,000,000
Enron Corp.12/2/2001$63,392,000,000
Conseco, Inc.12/18/2002$61,392,000,000
Texaco, Inc.4/12/1987$35,892,000,000
Financial Corp. of America9/9/1988$33,864,000,000
Refco Inc.10/17/2005$33,333,172,000
Global Crossing Ltd.1/28/2002$30,185,000,000
Pacific Gas and Electric Co.4/6/2001$29,770,000,000
UAL Corp.12/9/2002$25,197,000,000
Delta Air Lines, Inc.9/14/2005$21,801,000,000
Adelphia Communications6/25/2002$21,499,000,000
MCorp3/31/1989$20,228,000,000
Mirant Corporation7/14/2003$19,415,000,000
Delphi Corporation10/8/2005$16,593,000,000
First Executive Corp.5/13/1991$15,193,000,000

Source
Bankruptcy in the United States, Wikipedia

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