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

Sports History

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

Agreement 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

  • 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

Music History

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

  • 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

Film & TV History

1994-03-18 Zsa Zsa Gabor files for bankruptcy

  • 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 due to Covid-19

Historic Event

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