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
2009
$36.5 billion in assets
Thornburg Mortgage declared bankruptcy after struggling to find investors to fund its core business: providing expensive mortgage loans to well-credited buyers. With home sales down dramatically and defaults on the rise, the value of the company's mortgages fell; after a $1.35 billion bailout from private investors failed to stop the collapse, the company was forced into Chapter 11 on May 1, 2009. Thornburg had previously estimated a loss of $2.75 billion during the first three quarters of 2008.
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