7 of the biggest US corporate bankruptcies of all time

While news is buzzing about the country’s largest utility giant PG&E filing for Chapter 11 bankruptcy, its demise—and debt—is still a far cry from other notable ones in history. But, the embattled company still makes the list of the top seven largest U.S bankruptcies of all time (by assets).

In a court filing Tuesday, PG&E listed its assets of $71.39 billion and liabilities of $51.69 billion, which places it behind CIT Group in 2009, which had assets of $80.4 billion.

MORE FROM FOX BUSINESS

NOW THAT PG&E HAS FILED FOR BANKRUPTCY, WHAT HAPPENS NEXT?

SEARS, MATTRESS FIRM LEAD RETAIL BANKRUPT 2018 LIST

CLICK HERE TO GET THE FOX BUSINESS APP

Here’s a look at the seven largest US corporate bankruptcies of all time (by assets), according New Generation Research's Bankruptcydata.com.

1. Lehman Brothers Holdings (2008)

Assets: $691.1 billion

Downfall: 2008 financial crisis

2. Washington Mutual (2008)

Assets: $327.9 billion

Downfall: 2008 Financial Crisis

3. WorldCom (2002)

Assets: $103.9 billion

Downfall: Suffered from a $4 billion account scandal

4. General Motors (2009)

Assets: $91 billion

Downfall: Massive debt and unfavorable union deals

5. CIT Group (2009)

Assets: $80.4 billion

Downfall: Failed to find funding amid the 2009 credit crunch

6. PG&E (2019)

Assets: $71.39 billion

Downfall: Liabilities from 2017 and 2018 wildfires

7. Enron (2001)

Assets: $65.5 billion

Downfall: Rampant fraud led to the energy-trading company’s demise.