The Largest Business Bankruptcies in U.S. History
Though many small business owners may dream of a future in which their company grows to become a nationwide or international company, they may feel a sense of crushing defeat when they encounter financial struggles. The perception is that the companies that have become household or at least industry-wide names are invulnerable to these sorts of pressures because their revenues are sufficient or they have ready access to additional credit when necessary to resolve financial problems. The reality, however, is that big businesses occasionally need to restructure their debts by declaring bankruptcy.
If your company’s financial obligations are not being met by business income and you are uncertain how you will be able to proceed, Chapter 11 Bankruptcy may offer you the opportunity to resolve the situation. To learn more about your legal rights, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. at 480-829-0494 to schedule a free initial consultation.
Ten Major Collapses
The best-laid business plans are often no match for fluctuations in consumer taste and the broader economic conditions that affect the public’s ability and willingness to spend on many products. A successful bankruptcy filing can enable you to rethink your plan and to craft a viable alternative. The following are the ten largest bankruptcies in history and represent companies that either failed or flourished with the chance to reorganize:
- Lehman Brothers Holdings Inc. -- $691 billion in assets
- Washington Mutual, Inc. -- $327.9 billion in assets
- WorldCom -- $103.9 billion in assets
- General Motors Company -- $91 billion in assets
- CIT Group, Inc. -- $71 billion in assets
- Enron Corporation -- $65.5 billion in assets
- Conseco, Inc. -- $61 billion in assets
- Chrysler Group, L.L.C. -- $39 billion in assets
- Thornburg Mortgage, Inc. -- $36.5 billion in assets
- Pacific Gas and Electric Company -- $36.1 billion in assets
Contact Us
Let us help you to regain control of your company’s financial situation. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. at 480-829-0494.