overview

drivers

utilities

transport

finance

media

chemicals

metals

food

auto/aero

property

infrastructure

engineering

retail

hospitality

packaging

clothing

ICT

advertising

accounting

tobacco

pharma

electronics

collapses










































related
Profiles
& Notes:

telecoms
bubble

Aust & NZ
telecoms

telco
privatisations

telco
mergers &
acquisitions

IPOs

Private
Equity
Funds

Hedge
Funds

Collectibles,
Prices,
Cultures

     collapses

The evaporation of value through corporate and personal collapses provides other benchmarks for the dotcom and telecommunication bubbles.

     corporate landmarks

Note that the shape of corporate law in different jurisdictions means that some corporations have sheltered under receiverships (on occasion recurrently sheltered) rather than being fully liquidated.

2008

• Lehman Bros files for Chapter 11 with reported US$639bn assets and US$613bn liabilities
• US Federal Reserve loans American International Group US$85bn
• Fannie Mae (market capitalisation US$64bn in 2007) taken over by US govt
• Freddie Mac (market capitalisation US$41bn in 2007) taken over by US govt

2007

• collapse of US online lender NetBank with US$2.5bn

2006

• Eurotunnel files for bankruptcy protection under French law with debts of £6.2bn
• Dana (US) - claimed assets of US$9.04bn
• Sea Containers (US) shipping group - claimed assets of US$2.73bn
• Silicon Graphics (US) IT - claimed assets of US$452m

2005

• Calpine (US) utility - goes into Chapter 11 with US$17bn debt, claimed assets of US$27.6bn
• Delphi (US) auto parts - claimed assets of US$16.59bn
• Refco (US) - claimed assets of US$33.3bn
• Delta Air Lines (US) - claimed assets of US$21.8bn
• Northwest Airlines (US) - claimed assets of US$14.04bn

2004

• US Airways (US) - claimed assets of US$8.34bn
• RCN (US) telco - claimed assets of US$2.34bn
• Metropolitan Mortgage & Securities (US) - claimed assets of US$1.78bn

2003

• Parmalat (Italy) food group - debts of US$17bn
• Resona (Japan) banking group - receives US$16bn bailout
• NRG Energy (US) - $10.88bn
• Aurora Foods (US) - $1.25bn
• Touch America Holdings (US) - claimed assets of US$3.05bn
• Loral Space & Communications (US) - claimed assets of US$2.69bn
• Northwestern (US) aviation - claimed assets of US$2.6bn
• Leap Wireless International (US) telco - claimed assets of US$2.16bn
• Spiegel (US) retail - claimed assets of US$1.88bn
• Allegiance Telecom (US) - claimed assets of US$1.44bn

2002

• WorldCom (US) telco - reported debts of US$29bn, assets of US$103.9bn
• Philipp Holzmann (Germany) construction group - files for bankruptcy with debts of €1.6bn
• Adelphia (US) cable group - debts of US$24bn, claimed assets of US$21.4bn
• Global Crossing (US) telco - into chapter 11 with debts of US$12bn, claimed assets of US$30.18bn
• ntl (UK) cable tv - into Chapter 11 with £6.6bn debt, claimed assets of US$13.02bn
• Kirch (Germany) media group - into receivership with debt of around US$5.5bn
• Conseco (US) insurance and finance - goes into chapter 11 with debts of US$6.5bn, claimed assets of US$61.39bn
• UAL (US) airline - claimed assets of US$25.19bn
• Kmart (US) retail - claimed assets of US$14.63bn
• US Airways (US) - claimed assets of US$7.94bn
• XO Communications (US) telco - claimed assets of US$7.93bn
• Williams Communications (US) telco - claimed assets of US$5.99bn
• McLeodUSA (US) telco - claimed assets of US$4bn

2001

• Enron group (US) - reported debts of US$15bn, assets of US$63.3bn
• Ansett (Australia) airline - debts of $2bn
• HIH insurance group (Australia) - debts of $5.3bn
• One.Tel (Australia) telco - debts of $600m
• Reliance group (US)
• Mycal (Japan) supermarkets - seeks protection with US$11.7bn liabilities
• Pacific Gas and Electric (US) - claimed assets of US$29.77bn
• 360Networks (US) telco - claimed assets of US$5.59bn
• Winstar Communications (US) - claimed assets of US$4.97bn
• PSINet (US) - claimed assets of US$4.49bn
• Bethlehem Steel (US) - claimed assets of US$4.34bn
• Exodus Communications (US) - claimed assets of US$3.8bn
• Global TeleSystems (US) - claimed assets of US$2.8bn

2000

• Akai group (Hong Kong) electronics - debts of US$2bn
• LTCM (US) - US$3.75bn rescue
• Owens Corning (US) materials - claimed assets of US$6.49bn
• LTV (US) steel - claimed assets of US$6.1bn

1999

• bankruptcy of Guangdong International Trust & Investment Corporation (China) - US$3bn losses
• collapse of Daewoo Group (South Korea) amid claims that creative accounting inflated value of the conglomerate by US$30bn
• Baptist Foundation of America (US) - debts of US$590m
• Loewen Group (US) funeral services - claimed assets of US$4.6bn
• Iridium (US) telco - claimed assets of US$3.7bn
• ICO Global (US) telco - claimed assets of US$2.5bn
• Sun Healthcare (US) - claimed assets of US$2.46bn
• Fruit of the Loom (US) underwear - claimed assets of US$2.28bn

1997

• Halla group (South Korea) - debts of US$5.3bn
• Yamaichi Securities (Japan) - debts of US$23.8bn
• Hokkaido Takushoku Bank (Japan)

1995

• Barings bank (UK) - US$1.3bn deficiency
• Dow Corning (US) - claimed assets of US$4.0bn
• Southwestern Life (US) - claimed assets of US$3.14bn
• Trans World Airlines (US) - claimed assets of US$2.49bn
• Grand Union (US) - claimed assets of US$1.39bn

1993

• £9bn collapse of Credit Lyonnais bank (France)
• Metallgesellschaft (Germany) bailed out by banks after US$2.7bn losses in futures trading by subsidiary

1991

• Maxwell media group (UK) collapses with debts of £2bn
• $3.15bn rescue of the State Bank of Victoria (Australia) by Commonwealth Bank
• State Bank of South Australia - $2.18bn loss
• Bank of Credit & Commerce International (UK) - US$13bn
• Adsteam group (Australia) - $4.9bn loss

1989

• Bond group (Australia) goes into receivership with debts of US$10bn
• Drexel Burnham Lambert Group (US)

1987

• LTV (US) goes into chapter 11 protection for US$4bn
• Texaco (US)

1983

• Baldwin-United (US)

1979

• Associated Securities (Australia)

1975

• Gollin group (Australia) crashes with $125m deficiency

1974

• Bankhaus Herstatt (Germany) - US$800m deficiency
• Cambridge Credit (Australia) - $199 deficiency

1970

• Penn Central (US) bankruptcy

1965

• HG Palmer (Australia) - £10m

1964

• Reid Murray Group (Australia) - debts of $25.8m

1963

• Reid Murray group (Australia) - £23.7m deficiency

1961

• Korman/Stanhill group (Australia) - £24m

1932

• collapse of Ivar Kreuger's International Match group (Sweden) results in losses of over US$250m

1931

• Därmstadter und Nationalbank Kommandit-Gesellschaft [Danat] (Germany) collapses
• Creditanstalt collapses

1929

• Austin Friars Trust group (UK) - £21m deficit
• Creditanstalt (Austria) forced to rescue the Vienna Bodenkreditanstalt

1901

• Whitaker Wright insurance and mining group (UK) - £7.5m deficit

1890

• Barings bank crisis (UK) - £7m deficit

1888

• Compagnie Universelle du Canal Interocéanique de Panama (France) collapses after spending US$287m - assets and rights acquired by US in 1902 for US$40m

1878

• City of Glasgow Bank (UK) - £6.2m deficit

1866

• failure of Overend, Gurney bank (UK) - £4.1m deficit (relative to national budget of £67.8m)

     private landmarks

• Alan Bond declared bankrupt in 1992 with debts of over $500m
• Kevin Maxwell goes bankrupt in 1991 with debts of £400m
• Christopher Skase bankrupt in 1991 with debts of $172m
• Nelson Bunker Hunt files for personal bankruptcy in 1988 with debts of US$1.2bn

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