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

Empty Pockets

Texaco Inc.

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Joe Raedle / Getty

1987

$35 billion in pre-filing assets

The oil company filed for bankruptcy protection after a court said it owed Pennzoil $10.5 billion in damages stemming from an earlier merger agreement. Texaco eventually paid Pennzoil $3 billion, emerged from bankruptcy after 361 days and later became part of Chevron.