Top 10 Bankruptcies

2009

$89 billion in pre-filing assets

By declaring bankruptcy on June 1, General Motors become the second of the Big Three automakers to file for Chapter 11 protection — joining Chrysler, which filed in April. With some $89 billion in assets, the GM bankruptcy is nearly double the size of Chrysler's; the company's restructuring will mark a seismic shift for GM. CEO Fritz Henderson warned that the filing may even — sacrilege! — push the automaker out of Detroit; if so, it would be another hard blow for an already struggling city.

The announcement came after the Obama Administration set a June 1 deadline for the beleaguered carmaker to make changes or file for bankruptcy as part of the terms of a nearly $19 billion government loan. GM cleared the last obstacle to bankruptcy on Saturday, May 30, when bondholders voted to exchange their debt for an ownership stake in a postbankruptcy GM. Obama Administration officials said the goal is to have the restructured company emerge from Chapter 11 protection in 60 to 90 days.