1. Lehman Brothers Holdings Inc. (Bankruptcy, 2008): The collapse of Lehman Brothers, a global financial services firm, triggered the global financial crisis and is one of the largest bankruptcies in history.
2. General Motors Co. (Bankruptcy, 2009): Once the world’s largest automaker, GM filed for bankruptcy protection during the financial crisis but successfully restructured with the help of government assistance.
3. Enron Corporation (Bankruptcy, 2001): Enron, an energy company, filed for bankruptcy amid one of the biggest corporate accounting scandals in history, resulting in significant losses for investors and employees.
4. WorldCom Inc. (Bankruptcy, 2002): WorldCom, a telecommunications company, filed for bankruptcy after it was revealed that the company had engaged in massive accounting fraud, making it the largest bankruptcy at the time.
5. American Airlines (Recovery, 2013): American Airlines went through a bankruptcy reorganization in 2011 and emerged successfully in 2013 after merging with US Airways, creating the world’s largest airline at the time.
6. Toys “R” Us (Bankruptcy, 2017): As a victim of the rise of e-commerce and heavy debt, the iconic toy retailer filed for bankruptcy, leading to the closure of numerous stores before a successful reorganization.
7. General Electric (Recovery, 2018): Facing significant financial challenges, the multinational conglomerate implemented a turnaround plan, selling off assets, cutting costs, and reorganizing its businesses to recover from its struggling state.
8. Sears Holdings (Bankruptcy, 2018): The once-dominant retailer, Sears, filed for bankruptcy due to declining sales and debt problems. Despite efforts to reorganize, many stores closed, and the company’s assets were sold to transform it into a smaller entity.
9. Pacific Gas and Electric (Bankruptcy, 2019): The California utility company filed for bankruptcy due to potential liabilities arising from destructive wildfires linked to its equipment, seeking protection to manage claims and restructure.
10. Hertz Global Holdings (Bankruptcy, 2020): The car rental giant faced financial turmoil caused by the COVID-19 pandemic, leading to a bankruptcy filing. Hertz is aiming to restructure and emerge as a stronger company.
Note: The significance of bankruptcies and recoveries can vary depending on factors like financial impact, industry influence, and global implications. The provided list offers a mix of historical and recent examples.
