China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
FACTBOX: Key bankruptcy data for General Motors and U.S
NEW YORK (Reuters) - General Motors Corp filed America's largest-ever industrial bankruptcy on Monday.
Heralding a new and uncertain era for the No. 1 U.S. automaker, GM filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court in the Southern District of New York.
Government support for GM is expected to total up to $60 billion. Nearly half of that money has already been extended this year in emergency aid.
The following are key bankruptcy data about General Motors and about other large U.S. bankruptcies:
-- GENERAL MOTORS CORP
* The largest automotive industry bankruptcy ever.
* The eighth public company bankruptcy of 2009 with pre-petition assets of $10 billion or more.
* The 30th public company bankruptcy of 2009 with pre-petition assets of $1 billion or more.
* The 45th historic public company bankruptcy with pre-petition assets of $10 billion or more.
* The 99th public company bankruptcy of 2009.
* $343,954,505,904 is the total figure for 2009's combined pre-petition public company bankruptcy assets.
The following is a list of the largest U.S. bankruptcies since 1980, according to court records and the website BankruptcyData.com:
COMPANY/YEAR TOTAL ASSETS
Lehman Brothers Holdings Inc (2008) $691,063,000,000
WorldCom Inc (2002) 103,914,000,000 General Motors Corp (2009) 82,000,000,000 *
Enron Corp (2001) 65,503,000,000 Conseco Inc (2002) 61,392,000,000
Chrysler LLC (2009) 39,300,000,000
Thornburg Mortgage Inc (2009) 36,521,000,000
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) 33,333,172,000
Washington Mutual Inc (2008) 32,900,000,000 **
Global Crossing Ltd (2002) 30,185,000,000
General Growth Properties Inc (2009) 29,557,000,000
Lyondell Chemical Co (2009) 27,392,000,000
UAL Corp (2002) 25,197,000,000
Delta Air Lines Inc (2005) 21,801,000,000
Adelphia Communications Corp (2002) 21,499,000,000
MCorp (1989) 20,228,000,000
Mirant Corp (2003) 19,415,000,000
Delphi Corp (2005) 16,593,000,000
* - estimated **- from court documents
(Reporting by Christopher Kaufman, Patrick Fitzgibbons and Jonathan Stempel)
