Did you know that big companies, just like small companies, can go bankrupt? In the last few decades, the world has witnessed the end of many promising companies that had great products. These companies came from different countries and most of them had thousands of customers/clients.
There are many reasons why big companies go bankrupt. Some of them had bad business plans and made wrong investments while others were affected by things that were out of control like the global financial crisis for example. To find out more about these big companies that went bankrupt, we suggest checking our list which contains 21 companies like this.
- Learn some basic facts about big companies that went bankrupt
- Check their background and the reason why they went bankrupt
- Read more about the things they could do to avoid bankruptcy
In many cases, these big companies had to take a few simple measures to avoid their debacle. However, in most of these cases, the management was not aware of the problem while in others they were hoping for the best without making a proper analysis. Now without further ado, let’s check the list of 21 big companies that went bankrupt.
1. Bank of New England
Country: USA
Founded: 1985
Bankruptcy date: 1991
Type: Bank holding company
Total assets before bankruptcy: $29.7 billion
The Bank of New England was one of the fastest growing interstate banking organizations in the United States in the 1980s. It took them just a few years to reach the list of top 50 banks in the US. They were founded in Boston. This bank was actually founded after the merger between CBT Corporation and the old Bank of New England Corporation. In the following years, they have successfully acquired a few other financial organizations and expanded their reach.
Things were going quite well for this company until 1990. A series of poor investment decisions related to the declining real estate market has made the company look for ways to cover the losses. At the same time, the United States banking industry was hit by a savings and loan crisis which affected almost all banks and the Bank of New England was not an exception.
It seems that their aggressive investment approach and the desire to grow as fast as possible has led to their bankruptcy. With assets worth over 27 billion US dollars before the bankruptcy, Bank of New England is one of the biggest companies that went bankrupt.
- One of the biggest companies in the United States that went bankrupt in the last 30 years
- Poor investment decisions and national loan crisis were the two main reasons that made this bank go bankrupt
- The assets they had before they went bankrupt were worth 27 billion dollars
2. Parmalat
Country: Italy
Founded: 1961
Bankruptcy date: 2004
Type: Dairy and food corporation
Total assets before bankruptcy: $5 billion
Parmalat is still one of the biggest companies focused on dairy and food production in Europe. This multinational corporation was founded back in 1961. In addition to dairy products like milk, cheese, yogurt, ice cream and butter, this company makes fruit juices and a few other products.
It’s interesting that the company was founded by a college dropout – Calisto Tanzi when he was just 22 years old. As the name suggests, Parmalat was founded in Parma, Italy.
The business has gradually expanded and it became present on the Milan stock exchange in 1990. Before the financial crisis when Parmalat went bankrupt, this company had more than 30.000 employees, total assets worth around 5 billion dollars and it was known as the main sponsor of Parma FC, a football club competing in the Italian Serie A football league.
Those 5 billion dollars we’ve mentioned before, were one of the reasons why Parmalat had to go bankrupt. Bank of America has announced that Parmalat doesn’t really have those assets and that the value of this company is lower. In 2003, Parmalat was forced to reveal that their budget has a financial hole worth over 20 billion dollars. This made Parmalat take the top position on the list of biggest European companies that went bankrupt.
But, unlike many of the companies on our list of biggest companies that went bankrupt, Parmalat has survived. Multiple investors have taken care of the debt. In 2011, Parmalat became a subsidiary of the French multinational corporation – Lactalis. Parmalat is present in Europe, Asia, Africa, Australia, South America, and North America.
- Parmalat was founded in 1961 and went bankrupt in 2003
- Parmalat has managed to overcome this crisis and it’s now one of the biggest companies in Italy
- This dairy and food corporation is now part of Lactalis, a French company focused on the production of dairy products.
3. Thornburg Mortgage
Country: USA
Founded: 1993
Bankruptcy date: 2009
Type: Residential mortgage lending company
Total assets before bankruptcy: $36.5 billion
Thornburg Mortgage started as a small company based in Santa Fe, New Mexico. This real estate investment trust worked as a regular passive mortgage REIT for six years, when the owners decided to make a change. They have expanded their business by adding originating mortgages and teaming up with other reliable financial institutions. Basically, they have become one of the most successful residential mortgage lending companies.
This company is a good example of how external factors can contribute to the liquidation of companies. Namely, Thornburg Mortgage was one of the biggest companies that were affected by the financial crisis of 2007-2010 which hit the world. Even though most of their customers were wealthy people with great credit scores, the impact of the global financial crisis was something that this company couldn’t survive.
In 2009, after a few years of struggling and looking for solutions for their growing financial problems, Thornburg Mortgage has informed the public that their business operations will end. This means that they went bankrupt. The good thing is that the sale of their assets managed to cover the losses of most of their clients and business partners.
- A company which was part of the mortgage industry
- Thornburg Mortgage was affected by the global financial crisis
- They went bankrupt and ceased to exist in 2009
4. China Medical Technologies
Country: Cayman Islands
Founded: 2004
Bankruptcy date: 2012
Type: Medical technology company
Total assets before bankruptcy: $727 million
The value of total assets of this company before the bankruptcy was around $727 million which is definitely not the highest amount we have on this list, but there are a few things that make China Medical Technologies an interesting case of a company that went bankrupt.
First and foremost, this was a company that was registered on the Cayman Islands. As you are probably aware, the Cayman Islands are known as a global tax haven, but it turned out that this was not the only reason why China Medical Technologies (CMED) has decided to use this country as a base for their operations. We should mention that CMED was actually a Chinese company which was focused on medical technology.
This company had an interesting offer where the In Vitro Diagnostic products had the main role. These products were based on the latest medical technology at the time. In 2009, the first allegations about fraudulent and illegal activities by this company were received by the authorities in Hong Kong. Three years later in 2012, the company filed for bankruptcy. There were a few years of legal battles between the company and its clients and bondholders.
- A company which was part of the medical technology sector
- They were making medical devices related to IVF
- CMED went bankrupt in 2012
5. Hanjin Shipping
Country: South Korea
Founded: 1977
Bankruptcy date: 2017
Type: Logistics and container transport company
Total assets before bankruptcy: $7 billion
For many years, Hanjin Shipping Corporation was one of the biggest companies in the logistics and shipping industry. This company was founded in 1977 in Seoul, South Korea. During their best days, they had over 60 liner and tramper services and they were carrying more than 100 million tons of cargo per year. They had LNG and bulk carriers and a huge number of container ships. They also had many subsidiaries which were focused on ocean transportation as well as on terminal operation.
It’s a little bit difficult to determine what exactly caused the insolvency of this successful company. Yet, most experts agree that the global financial crisis had a strong negative impact not only on Hanjin Shipping but on all companies in this sector. Namely, the financial problems and challenges that Hanjin Shipping experienced have started in the early 2010s. The modified consumer spending behavior, the Chinese economic stagnation, weak global Gross Domestic Product and a few other factors have contributed to their downfall. As a result of that, their profit was reduced and they simply couldn’t find a solution to these problems.
Hanjin Shipping Corporation was officially declared bankrupt by South Korean authorities in 2017. The same year, this company was liquidated. It’s interesting that many of their ships had problems a few months before that because service providers were worried that they wouldn’t get paid by the company and many of these shipments were returned. Thousands of customers around the globe were affected by these problems.
- One of the biggest companies in the global shipping sector for many years
- This was a South Korean company
- The global financial crisis was one of the main reasons for their bankruptcy
6. Enron
Country: USA
Founded: 1985
Bankruptcy date: 2001
Type: Energy, commodities and services company
Total assets before bankruptcy: $67.5 billion
Enron Corporation was an American company which was founded in 1985. After a decade on the market, they have become one of the most successful big companies in the energy, services and commodities sectors. Enron was actually founded after a merger of two small companies.
In 2001, Enron has faced one of the biggest scandals in the history of the business. It turned out that the reports related to the financial condition of the company were falsified in a systematic way. After this information was revealed, Enron has become a synonym for corporate corruption and fraud. They have filed for bankruptcy in 2001, but the procedure was finished in 2004.
Over 20,000 employees have lost parts of their pensions and many business partners of this company were affected too. A few people from the management of this company were found guilty of money laundering, insider trading, conspiracy, and other crimes. So, unlike other companies that went bankrupt found on this list, Enron’s case was created by the greedy management which decided to lie to shareholders instead of revealing the financial failure of the company.
- A US-based company that went bankrupt in 2001
- They had total assets worth 67.5 billion dollars before they filed for bankruptcy
- More than 20,000 employees lost their jobs
7. Washington Mutual
Country: USA
Founded: 1889
Bankruptcy date: 2008
Type: Savings bank holding company
Total assets before bankruptcy: $327.9 billion
Washington Mutual is among the oldest and longest surviving companies that went bankrupt in the United States. Washington Mutual was founded in 1889. Back then, it was known as the Washington National Building Loan and Investment Association. Starting from 1994, it changed the name to Washington Mutual Bank.
After they’ve changed their name, Washington Mutual has expanded on a few different markets across the United States – New York, California, Utah, Idaho, Oregon, etc. Experts have determined a few different reasons why Washington Mutual went bankrupt. For instance, one of the main reasons for their failure was the real estate market crisis at that period. Starting from 2016, home values across the US started going down.
Additionally, some say that they have started opening branches in different states too fast. Finally, there were a few other similar cases at that time, but the authorities have decided not to bail Washington Mutual out because they were not big enough.
- One of the biggest cases of bankruptcy in the world
- This company was part of the banking sector
- It was affected by the real estate market crisis and a few other things
8. Hugo Boss
Country: Germany
Founded: 1924
Bankruptcy date: 1931
Type: Luxury fashion house
Total assets before bankruptcy: –
Now here’s an example of one of the biggest luxury fashion houses that went bankrupt, but somehow managed to bounce back and become one of the leaders in the fashion industry. Hugo Boss was established in 1924. Of course, the owner of this company was Hugo Boss. In the 1920s, he was focused on the production of general purpose clothing along with his two partners. They had different products like work clothing, jackets, shirts, raincoats and sportswear in their offer.
However, the economic climate in Germany was not very good and despite Hugo Boss’s success, the company started lacking the funds they need to operate in a normal way. That’s why Hugo Boss was forced to file for bankruptcy in 1931. The good thing for him was that he made an agreement with his loaners and even though he had just six sewing machines, he brought his business back on its feet. As we all know, Hugo Boss is one of the most famous luxury fashion groups today.
- A German fashion company that went bankrupt in 1931
- It was the unfavorable economic climate in the country that led to bankruptcy
- Today, Hugo Boss is one of the most successful luxury clothing companies in the world
9. Lehman Brothers Holdings
Country: USA
Founded: 1850
Bankruptcy date: 2008
Type: International financial services company
Total assets before bankruptcy: $691 billion
There are many companies around the world that went bankrupt, but Lehman Brothers Holdings holds the infamous record when it comes to the money they’ve managed to lose. This company that was part of the investment services industry was established in 1850 in Alabama, USA. Before they went bankrupt, they were the fourth biggest investment bank in the US. From private banking and investment banking to investment management and trading, this company was covering different financial operations.
As with many other companies that have found themselves in situations like this, Lehman Brothers Holdings went bankrupt due to more than one reason. Yet, the main reason was the fact that they have used incorrect accounting data on purpose on a regular basis. At the time of its collapse, this company had more than 25.000 employees around the globe and assets worth $691 billion.
Their debt at the time was $619 billion. An indirect cause to the fall of Lehman Brothers Holdings was the US housing boom failure. The collapse of the real estate market has affected dozens of companies and given that Lehman Brothers Holdings has acquired a few mortgage lenders and invested a lot in this market, it’s no surprise that the effects of the crisis were devastating for the company. This bankruptcy remains to be the largest failure of a US-based company.
- They had assets worth $691 billion
- This was a company which was over 150 years old
- It went bankrupt in 2008
10. DeLorean Motor Company
Country: USA
Founded: 1975
Bankruptcy date: 1982
Type: Automobile manufacturing company
Total assets before bankruptcy: –
DMC, also known as DeLorean Motor Company was a promising automobile manufacturer when it appeared on the market in 1975. This Detroit-based company was founded by John DeLorean, a famous American inventor, engineer, and executive that had years of experience when he decided to open his own company.
DeLorean Motor Company has created a few innovative car models including the one that was used in the Back to the Future mobile trilogy. This company was looking for a place where they can get incentives to start building cars and Northern Ireland was the place which offered the best deal. After the initial success, the company was facing a lack of demand, poor exchange rates, and cost overruns.
They were planning on selling around 12000 cars per year, but they ended up selling 6000. After this failure, DeLorean was desperate to find the much-needed funds that he was caught trying to smuggle drugs from Europe to the United States.
In 1982, DeLorean Motor Company went bankrupt. The only positive thing about the owner was that he was cleared of drug trafficking charges.
- A short-lived US car manufacturing company
- It went bankrupt in 1982
- It was managed by an experienced engineer and innovator
11. Blockbuster
Country: USA
Founded: 1985
Bankruptcy date: 2010
Type: Home movie and video game rental company
Total assets before bankruptcy: $1.1 billion
Blockbuster is a well-known brand in the home movie and video game rental industry. The company was founded in 1985 as a video rental shop, but after some period of time, they have started offering various services like streaming, VOD (video on demand), DVD by mail and cinema theater. Even though they started as a US company, they have expanded to other continents in the 1990s. One of their best years was 2004 when they had almost 85000 employees around the world.
When we are talking about companies that went bankrupt it’s good to know the reasons behind their failure. In some cases, big companies have fallen victims to the rapid advance of technology. We all know how fast things are moving in the last decade in the field of technology. So, when Netflix appeared on the market, Blockbuster didn’t take this competitor seriously, but it turned out that their streaming services, automated kiosks, and mail order services were superior.
Blockbuster has started struggling in the late 2000s, but the rise of Netflix was something that this company couldn’t survive. Blockbuster went bankrupt in 2010. In 2011, they had 1700 stores and all these stores were purchased by Dish Network, a satellite TV provider. In 2019, there is still one Blockbuster store open, but rumors are that this store will be closed too.
- One of the most famous video rental brands in the world
- They were founded in 1985
- The popularity of Netflix was one of the main reasons for the bankruptcy of this company
12. Pan Am
Country: USA
Founded: 1927
Bankruptcy date: 1991
Type: International air carrier
Total assets before bankruptcy: –
Pan Am, also known as Pan American World Airways, was the biggest international air carrier in the United States since 1927, the year when this company was founded. Even though this company doesn’t exist anymore, experts often remind people interested in aviation about the innovations that this company has introduced to this specific market. They were the first to use jet aircraft, computerized reservation systems, and jumbo jets. In addition, they were one of the most important companies that have created the International Air Transport Association.
Just like in the situation of many other companies found on this list of big companies that went bankrupt, Pan Am was witnessing their best results right before the bankruptcy. So, in the early 1970s and late 1960s, they had a fleet of 150 jets which were traveling to 86 countries and millions of passengers per year.
Before 1991 when the management of this company filed for bankruptcy protection, there were a few things that had a negative impact on Pan Am operations. For instance, the 1973 oil crisis has led to an economic slowdown which affected Pan Am. This was a bad time for the company because they were trying to make a profit after big investments they’ve made. In addition, there were a few decisions made by the management that didn’t work well like their continuous efforts to make a sophisticated, profitable US domestic network or their failed bid for Northwest Airlines. The First Gulf War and the oil crisis made the final blow to this company.
- The largest air carrier in the US for many decades
- They were operating for over 60 years when they filed for bankruptcy in 1991
- The negative results of this company were visible for years
13. RadioShack
Country: USA
Founded: 1921
Bankruptcy date: 2015
Type: Retail company
Total assets before bankruptcy: –
RadioShack was established in 1921 as a small retailer in Boston, Massachusetts founded by two brothers. As the name suggests, they were focused on selling radio equipment. As the music market started expanding, the income of this company has started growing too.
According to their records, the best year for them was 1999. At that time, RadioShack has stores in Mexico, the US, the UK, Canada and Australia which means that they have become an international brand. Licensed companies in South America, Africa, and Asia were able to use this brand name too. So, how did one of the most successful companies in this sector ended up bankrupt?
Well, RadioShack was selling simple electronic things for many decades. So, if a person needed a small item like a pack of batteries, they could find such a product in RadioShack at a good price. However, the world has started witnessing great innovations in the tech sector in the 2000s and it seems that the management of RadioShack was indifferent.
Their competitors were including the new tech gadgets and peripherals in the offer, but RadioShack kept selling the same items that were not very popular. This was the place where people can find wired phones and alarm clocks in 2010. So, it’s no wonder why they were forced to file for bankruptcy in 2015. In 2017, General Wireless Operations Inc made a deal with Kensington Capital Holdings which allows them to use this name for their eCommerce website.
- RadioShack was once a very popular retail brand for electronics
- They had their golden years in the late 1990s
- They were unable to follow the fast advance of technology and that’s why they went bankrupt
14. Carillion
Country: UK
Founded: 1999
Bankruptcy date: 2018
Type: Construction services company
Total assets before bankruptcy: – (Revenue: $6 billion)
Carillion plc was founded in 1999 and right from the beginning, this was one of the largest construction services companies in the UK. The foundation of the company was a result of a demerger from Tarmac, a building materials company from the UK. They have acquired a few other companies and become the second largest construction company in the country. In 2016, two years before they went bankrupt, they had more than 43,000 employees. However, their financial condition has started deteriorating since 2015.
The bankruptcy has affected more than 30000 suppliers and subcontractors, employees, pensioners, lenders, shareholders, and other parties. Officially, one of the most important things that had led this company to financial problems were the unpaid bills owed by Middle East contractors. In addition, there was Brexit uncertainty that has affected the construction industry in the United Kingdom in a negative way. Finally, the officials from this company pointed out that a few unexpected problems related to their major building projects like the Royal Liverpool Hospital have increased their debt. On the other hand, many experts have blamed the management of this company and their ill-informed decisions.
- One of the largest cases of bankruptcy in the United Kingdom
- Carillion was a big construction company that was working on a few huge projects around the world
- They went bankrupt in 2018
15. Worldcom
Country: USA
Founded: 1983
Bankruptcy date: 2002
Type: Telecommunication company
Total assets before bankruptcy: $103 billion
Worldcom was a powerful telecommunication corporation in the United States that started its operation in 1983. They were a direct competitor of AT&T for a long time. They were known as one of the best long-distance telephone companies in the 1990s. Worldcom was a corporation that managed to acquire a few other companies in the 1990s like MCI Communications and UUNET.
In 1999, Worldcom (or MCI Worldcom as the company was officially called at that time) has revealed their plans to merge with Sprint Corporation. This was the most valuable merger plan of all times. However, the European Union and the US Department of Justice have changed their plans because they’ve made a strong case against such a merger.
Starting from this year, the problems for this company have started. 2000 was not the best year for the telecommunication industry and Worldcom was known as a company that invests a lot of money in growth and expansion. In 2002, the management filed for bankruptcy protection.
- One of the leading telecommunication companies in the US in the 1990s
- They failed to make the largest merger in US history in 1999
- Worldcom filed for bankruptcy in 2002
16. 3dfx Interactive
Country: USA
Founded: 1994
Bankruptcy date: 2002
Type: Tech company
Total assets before bankruptcy: –
3dfx Interactive was established in 1994 by three former employees of Silicon Graphics, another defunct company focused on the production of computer hardware and software. On the other hand, 3dfx Interactive was creating 3D graphics processing units and graphics cards. This was the most innovative company in this field at the time. Their Voodoo Graphics cards that sped up 3D graphics were their main selling point.
Four years after this company was found, they have decided to invest their profit in different development projects. First of all, their Voodoo 3 graphics cards didn’t provide the expected performance. Next, their Voodoo 4 and Voodoo 5 cards were a little bit better than the competitor’s products, but the cost of their production was way higher making these cards bad for making a profit.
In 2002 they’ve filed for bankruptcy. In addition, we should mention that Nvidia bought this company in 2000, but their main goal was to acquire intellectual property rights. As we all know, Nvidia is one of the leaders in this market today.
- A pioneer in the field of 3D graphics and graphics cards in the 1990s
- It was founded in 1994
- 3dfx Interactive ceased to exist in 2002
17. Circuit City
Country: USA
Founded: 1949
Bankruptcy date: 2008
Type: Retail company
Total assets before bankruptcy: $3.75 billion
It all started in 1949 when Circuit City Corporation was founded by Ronny Shmoel in Virginia, USA. This company was entering a promising market back then – consumer electronics retail market. It took them about 10 years to get to four TV and home appliance stores in Virginia. However, in the 1970s and 1980s, they were able to open dozens of stores across the United States.
In the 2000s, the management has realized that many of their stores were outdated and most of them were located in places where people have stopped coming. In the past, buyers had a special reason to visit these locations because Circuit City stores had exclusive products and deals, but things have changed thanks to modern technology.
So, there were two things that have made this company run out of business. First of all, the popularity of online retailers like eBay and Amazon have caught Circuit City off guard. They were not present on the Internet with their offers. In addition, retail businesses like Target and Walmart were investing a lot in their expansion.
- Circuit City is still operating as an online store
- This company was once one of the most popular electronics retailers in the United States
- They went bankrupt in 2008
18. Refco
Country: USA
Founded: 1969
Bankruptcy date: 2005
Type: Financial services company
Total assets before bankruptcy: $33.3 billion
It seems that there are many companies that were part of the financial services sector around the globe that went bankrupt in the last 50 years. One of these big companies is Refco. This company was established in 1969 in New York, USA. This company acted as a broker of futures contracts and commodities.
For many years, they were building their reputation and when they’ve filed for bankruptcy in 2005, they had more than four billion dollars in about 200.000 customer accounts. This made Refco one of the largest brokers of this kind in the world. It’s good to know that their collapse has happened just a few months after they become a public company and offered their shares on the stock exchange.
The years of hard work were ruined thanks to Phillip Bennett, the chairman, and chief executive officer of Refco. He was hiding more than 400 million dollars in bad debts. None of the company’s investors and auditors were familiar with this fact. In addition, the company had millions of dollars in fake bonds too.
- Refco was a successful financial services company that has worked well for almost 40 years
- In the last few years, the management of the company was hiding bad debt from investors
- This company went bankrupt in 2005
19. Sears
Country: USA
Founded: 1886
Bankruptcy date: 2018
Type: Retail company
Total assets before bankruptcy: – (Revenue: $13.8 billion)
Sears, officially known as Sears, Roebuck, and Company, represents one of the most famous chains of department stores in the United States. It was established in 1886. For many decades, this was the largest US retailer. It was in 1989 when Walmart managed to take the first position.
But, this was not the only problem that Sears was facing at that time. There were a few major scandals that have affected the work of this retail company in the 1990s. For instance, the state of California has sued Sears and won. In addition, the company had to deal with a few criminal charges. The 2000s and 2010s didn’t bring good results to Sears either. In just seven years (from 2010 to 2017) they have shut down hundreds of stores across the United States (from over 3500 stores to 700 stores). The number of sales kept dropping. In 2018, the management of the company filed for bankruptcy.
Keep in mind that the company is still operating after restructuring the organization, but they only have about 400 physical stores now.
- One of the oldest and most successful retail companies in the United States
- They had more than 3500 stores in their best days
- Sears went bankrupt in 2018, but it’s still operating
20. IndyMac
Country: USA
Founded: 1985
Bankruptcy date: 2008
Type: Bank holding company
Total assets before bankruptcy: $32.7 billion
IndyMac was a bank holding company which was established in California in 1985. This company was established by Angelo Mozilo and David Loeb which were part of Countrywide Financial, the mortgage unit of Bank of America. In the 2000s, IndyMac has acquired a few famous brands in the financial services industry including Financial Freedom and SVG Bancorp.
After they went bankrupt in 2008, the investigators have identified a few different reasons for the decline and ultimate bankruptcy of this company. One of the main causes was the aggressive business strategy of the bank. In addition, there were a few other factors that have contributed to this failure like credit concentrations in specific areas which were affected by the real estate market crisis, insufficient underwriting and a few other things.
We should also mention that it was not uncommon for IndyMac to make loans without verifying the assets or income of borrowers. Even people with very poor credit histories had a chance to get loans from this bank. Obviously, they were trying to get as many clients as they can.
- IndyMac was founded in 1985 and stopped working in 2008
- Their poor business strategy which involved aggressive expansion, as well as the problems related to the LA real estate market, made the company went bankrupt
- IndyMac was succeeded by OneWest Bank
21. Global Crossing
Country: USA
Founded: 1997
Bankruptcy date: 2002
Type: Telecommunications company
Total assets before bankruptcy: $30 billion
There are situations where companies can go bankrupt just a few years after they were launched. Although they have become big companies, there are factors that have contributed to their collapse that they simply couldn’t avoid. Global Crossing is a good example of that.
Global Crossing was established in 1997. This was a telecommunications company which offered computer networking services to its clients. From VoIP and dialup to managed services and long-distance phone services, the portfolio of this company was quite impressive. It’s worth mentioning that Global Crossing was headquartered in Bermuda.
After a good start, the company lost $1.4 billion in 2000. This sum was increased even more in 2002 when they’ve lost 3.4 billion. After a few unsuccessful deals including the one with Enron, they had to file for bankruptcy in early 2002. It’s good to know that during these hard times, executives kept receiving massive bonuses and loan relief while many employees were left unpaid and had their pensions canceled.
- One of the big companies in the US that went bankrupt in the 2000s
- This was a telecommunications company
- They have lost $4.8 billion in the last two years of their existence
