General Growth Properties Inc, the second-largest US mall owner, filed for bankruptcy protection on Thursday as the credit crisis claimed its biggest real estate victim.
The company has assets of $29.56 billion and total debts of $27.29 billion, according to its bankruptcy petition. General Growth has warned since November that it may have to seek protection from its creditors because it was unable to refinance maturing mortgages.
The following is a list of the largest US bankruptcies since 1980, according to court records and the website BankruptcyData.com:
Company: Lehman Brothers Holdings Inc
Year: 2008
Total Assets: $639,000,000,000 *
Company: WorldCom Inc
Year: 2002
Total Assets: $103,914,000,000
Company: Enron Corp
Year: 2001
Total Assets: $63,392,000,000
Company: Conseco Inc
Year: 2002
Total Assets: $61,392,000,000
Company: Texaco Inc
Year: 1987
Total Assets: $35,892,000,000
Company: Financial Corp of America
Year: 1988
Total Assets: $33,864,000,000
Company: Refco Inc
Year: 2005
Total Assets: $33,333,172,000
Year: 2008
Total Assets: $32,900,000,000
Company: Global Crossing Ltd
Year: 2002
Total Assets: $30,185,000,000
Company: Pacific Gas and Electric Co
Year: 2001
Total Assets: $29,770,000,000
Year: 2009
Total Assets: $29,560,000,000 *
Company: Lyondell Chemical Co
Year: 2009
Total Assets: $27,392,000,000
Company: UAL Corp
Year: 2002
Total Assets: $25,197,000,000
Company: Delta Air Lines Inc
Year: 2005
Total Assets: $21,801,000,000
Company: Adelphia Communications Corp
Year: 2002
Total Assets: $21,499,000,000
Company: MCorp
Year: 1989
Total Assets: 20,228,000,000
Company: Mirant Corp
Year: 2003
Total Assets: $19,415,000,000
Company: Delphi Corp
Year: 2005
Total Assets: $16,593,000,000
Courtesy: REUTERS
https://economictimes.indiatimes.com/articleshowpics/4411119.cms
CAclubindia
