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 one of the biggest scandals the financial world has seen, the “institutionalized, systematic, and creatively planned accounting fraud” that is the Enron scandal was revealed in October 2001. At the time it filed for bankruptcy, Enron employed over 22,000 people, was considered to be the leading energy company (Fortune named Enron “America’s Most Innovative Company” for six years in a row) and had claimed revenues of $101 billion in 2000. But when it filed bankruptcy it was estimated to have about $23 billion in liabilities (both in outstanding and guaranteed loans) and $65.5 billion in assets.