CIT Group Inc, a major lender to small and mid-sized US businesses, on Sunday filed for Chapter 11 bankruptcy protection.
The company had assets of $71 billion and total debt of $65 billion as of June 30, according to its petition filed in the US bankruptcy court for the Southern District of New York.
The following is a list of large US bankruptcies since 1980, according to court records and the website BankruptcyData.com:
COMPANY/YEAR TOTAL ASSETS
Lehman Brothers Holdings Inc (2008) $639,000,000,000 *
WorldCom Inc (2002) 103,914,000,000
General Motors Corp (2009) 91,047,000,000
CIT Group Inc (2009) 71,019,000,000
Enron Corp (2001) 65,503,000,000
Conseco Inc (2002) 61,392,000,000
Chrysler LLC (2009) 39,300,000,000
Pacific Gas and Electric Co (2001) 36,152,000,000
Texaco Inc (1987) 34,940,000,000
Financial Corp of America (1988) 33,864,000,000
Refco Inc (2005) 33,333,000,000
Washington Mutual Inc (2008) 32,900,000,000 *
IndyMac Bancorp Inc (2008) 32,734,000,000
Global Crossing Ltd (2002) 30,185,000,000
Bank of New England Corp (1991) 29,773,000,000
General Growth Properties Inc (2009) 29,560,000,
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