Top 10 Bankruptcies
With an estimated $89 million in assets before it filed for Chapter 11, General Motors has become the U.S.'s fourth largest bankruptcy, joining the ranks of fallen corporate behemoths like WorldCom and Enron
1987
$35 billion in pre-filing assets
The oil company filed for bankruptcy protection after a court said it owed Pennzoil $10.5 billion in damages stemming from an earlier merger agreement. Texaco eventually paid Pennzoil $3 billion, emerged from bankruptcy after 361 days and later became part of Chevron.
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