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.
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.