Bankruptcy in History

Historical Events

  • 1607-01-13 The Bank of Genoa fails after announcement of national bankruptcy in Spain
  • 1624-06-16 Virginia becomes an English crown colony following the bankruptcy of the London Company
  • 1811-02-20 Austria declares bankruptcy
  • 1922-07-06 Dutch auto/airplane manufacturer Trompenburg declares bankruptcy

Event of interestEvent of Interest

1953-10-07 Bill Veeck tells Browns stockholders he faces bankruptcy unless they drop their suit to block his move to Baltimore, they comply

MLB Team Owner and Promoter Bill Veeck
MLB Team Owner and Promoter
Bill Veeck

AgreementAgreement of Interest

1967-04-28 The Douglas Aircraft Company behind schedule with deliveries of the DC-8 and DC-9 and close to bankruptcy agrees to merge with the McDonnell Aircraft Corporation to form McDonnell Douglas

Aviation Pioneer Donald Wills Douglas
Aviation Pioneer
Donald Wills Douglas
  • 1970-03-31 Federal bankruptcy court allows Seattle Pilots to be sold to Milwaukee
  • 1970-04-01 Federal Bankruptcy Referee Sidney Volinn declares MLB's Seattle Pilots bankrupt; car dealer Bud Selig buys franchise for $10.8 million and moves club to Milwaukee (Brewers)
  • 1979-05-23 American rock singer-songwriter Tom Petty files for chapter 11 bankruptcy
  • 1980-03-31 The Chicago, Rock Island and Pacific railroad operates its final train after being ordered to liquidate its assets due to bankruptcy and debt owed to creditors.
  • 1982-02-05 British airline Laker Airways collapses owing 270M pounds ($351M)
  • 1982-05-13 Braniff Airlines files for bankruptcy
  • 1982-11-10 IMF lends Mexico $3.8 billion due to threatened bankruptcy

Event of interestEvent of Interest

1984-05-01 Mick Fleetwood (of Fleetwood Mac) files for bankruptcy

Musician Mick Fleetwood
Mick Fleetwood
  • 1985-02-19 ADM of Amsterdam declares bankruptcy
  • 1987-04-12 Texaco files for bankruptcy

  • 1989-03-09 Eastern Airlines files for bankruptcy
  • 1990-04-18 Bankruptcy court forces Frank Lorenzo to give up Eastern Airlines
  • 1990-06-04 Greyhound Bus files bankruptcy
  • 1991-07-11 Calumet Farm, home to 8 Kentucky Derby winners, files bankruptcy
  • 1991-10-10 Greyhound Bus ends bankruptcy
  • 1991-12-12 Orion Pictures filed Chapter 11 for bankruptcy protection
  • 1993-05-24 Kim Basinger files for bankruptcy to avoid paying $7.4M settlement

Event of interestEvent of Interest

1994-03-18 Zsa Zsa Gabor files for bankruptcy

Actress Zsa Zsa Gabor
Zsa Zsa Gabor
  • 1994-12-06 Orange County California files for bankruptcy
  • 2001-10-11 The Polaroid Corporation files for federal bankruptcy protection.
  • 2001-12-02 Enron files for Chapter 11 bankruptcy in the Southern District of New York
  • 2002-01-22 Kmart Corp becomes the largest retailer in United States history to file for Chapter 11 bankruptcy protection
  • 2002-07-21 Telecom giant WorldCom files for Chapter 11 bankruptcy, the then largest such filing in United States history
  • 2003-10-31 A bankruptcy court approves MCI's reorganization plans, essentially clearing the telecommunications company to exit bankruptcy
  • 2008-09-29 Dow Jones Industrial Average falls 777.68 points, its largest single-day point loss, following the bankruptcies of Lehman Brothers and Washington Mutual
  • 2009-04-30 Chrysler automobile company files for Chapter 11 bankruptcy
  • 2009-06-01 General Motors files for chapter 11 bankruptcy. It is the fourth largest United States bankruptcy in history.
  • 2013-07-18 Detroit, Michigan, files for bankruptcy, becoming the largest US municipal bankruptcy ever at $18.5 billion
  • 2018-03-15 Toy chain Toys R Us announces it will close all its stores after filing for bankruptcy
  • 2018-10-15 American retailer Sears files for bankruptcy
  • 2019-08-06 Barneys New York files for bankruptcy, amid figures 7,567 US retails stores have closed so far in 2019 compared to 5,864 in 2018
  • 2020-02-18 Boy Scouts of America files for bankruptcy amid hundreds of sexual abuse lawsuits, suspending those claims
  • 2020-05-11 Colombian airline Avianca, and world's 2nd oldest, becomes 1st major airline to file for bankruptcy

Event of interestEvent of Interest

2020-05-16 118-year old American department store JC Penney files for bankruptcy

Department Store Founder James Cash Penney
Department Store Founder
James Cash Penney