7 of the biggest US corporate bankruptcies of all time

By BankruptcyFOXBusiness

PG&E files for bankruptcy following California wildfires

Sen. John Hoeven (R-N.D.) discusses how PG&E filed for bankruptcy following the California wildfires and how California lawmakers traveled to Hawaii with utility executives last year, while the wildfires destroyed parts of The Golden State.

While news is buzzing about the country’s largest utility giant PG&E filing for Chapter 11 bankruptcy, its demise—and debt—is still a far cry from other notable ones in history. But, the embattled company still makes the list of the top seven largest U.S bankruptcies of all time (by assets).

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In a court filing Tuesday, PG&E listed its assets of $71.39 billion and liabilities of $51.69 billion, which places it behind CIT Group in 2009, which had assets of $80.4 billion.

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Here’s a look at the seven largest US corporate bankruptcies of all time (by assets), according New Generation Research's Bankruptcydata.com.

1. Lehman Brothers Holdings (2008)

Assets: $691.1 billion

Downfall: 2008 financial crisis

2. Washington Mutual (2008)

Assets: $327.9 billion

Downfall: 2008 Financial Crisis

3. WorldCom (2002)

Assets: $103.9 billion

Downfall: Suffered from a $4 billion account scandal

4. General Motors (2009)

REUTERS/Rebecca Cook/File Photo (Reuters)

Assets: $91 billion

Downfall: Massive debt and unfavorable union deals

5. CIT Group (2009)

Assets: $80.4 billion

Downfall: Failed to find funding amid the 2009 credit crunch

6. PG&E (2019)

Assets: $71.39 billion

Downfall: Liabilities from 2017 and 2018 wildfires

7. Enron (2001)

Assets: $65.5 billion

Downfall: Rampant fraud led to the energy-trading company’s demise.