Business of… the world’s biggest bankruptcies
The first ever bankruptcy of a UAE developer is underway with a deadline for claims of Friday. Kipp was inspired to look at some of the planet’s biggest insolvencies.
January 5, 2011 2:24 by shafeer
In July 2002, WorldCom, one of America’s long-distance phone companies, filed for Chapter 11 bankruptcy protection after it revealed that it had improperly booked $3.8 billion in expenses. But unlike the Lehman Brothers’ bankruptcy, there were many who were expecting WorldCom to go bankrupt given its $41 billion debt load.
At the time, the bankruptcy of WorldCom was the largest in the history of United States companies, overshadowing even that of Enron. WorldCom listed $63.4 billion in assets when it filed Chapter 11, although WorldCom’s non-U.S. units were not part of the filing.