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
$39.3 billion in assets
The 2008 recession took a severe toll on the U.S. auto industry, and of the Big Three manufacturers, Chrysler was the first to fall. Even a $4 billion government bailout wasn't enough to save the 84-year-old company, reeling from a 30% decline in auto sales in 2008. Chrysler filed for bankruptcy on April 30, 2009, and announced a partnership with Italian carmaker Fiat. Its coming reorganization (which includes another $8 billion from the government) will result in lower labor costs and less debt, but the company's sales are still down. In June 2009, Chrysler plans to close down 789 of its car dealerships — nearly 1 in 4.
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