Here are Examples of Major Bankruptcies in Recent Years; 1. The NEIMAN MARCUS GROUP, INC. 2. J.C. PENNEY, 3. AVIANCA

1. Examples of Major
Bankruptcies in Recent
Years
On September 15, 2008, Lehman Brothers filed the largest bankruptcy in history.
Its pre-bankruptcy assets were $691,063,000,000 its a Major Bankruptcies in
Recent Years.
Lehman Brothers Holdings Inc., the bankruptcy petitioner, was the United States’
fourth-largest investment bank. As a result of Lehman’s participation in the
mortgage origination industry, it took a major hit during the mortgage crisis of
2008. Included here are the 20 largest bankruptcies in American history, as well
as a few notable bankruptcy from 2017 and 2018.
Eleven days later, in the midst of the same financial crisis, savings and loan
holding firm Washington Mutual filed for Major Bankruptcies in Recent Years.

2. The Major Bankruptcies in Recent Years of Washington Mutual, with assets
totaling $327,913,000,000., ranked as the second biggest in history. At the time,
it was the biggest savings and loan association in the United States.
On July 2, 2002, Worldcom Telecommunications filed for bankruptcy with assets
of $103,914,000,000. This made it the third biggest bankruptcy in terms of asset
value.
A $4 billion accounting scam led to the collapse of the once-largest worldwide
Internet network. For Worldcom’s declining stock prices to be concealed,
auditors found improper accounting practices & Major Bankruptcies in Recent
Years.
Here are Examples of Major Bankruptcies in Recent Years;
In Claire’s — In an effort to lower its roughly $2.1 billion in debt, the company
announced in March that it would be liquidating several of its outlets.
Retail giant Sears filed for Major Bankruptcies in Recent Years in October with
687 shops and around 68,000 workers. Eddie Lampert, chairman of Sears, was
granted permission by a bankruptcy court to purchase the company in February
2019. Because to this agreement, 45,000 jobs will be saved and around 400
shops will remain operational.
Kmart – Kmart, like its parent firm Sears Holdings, has been hit hard by the
bankruptcy of its largest shareholder. In the last several years, 70% of retail
establishments have shut their doors for Major Bankruptcies in Recent Years.
David’s Bridal – In November, David’s Bridal filed for bankruptcy. Heavy debt,
changing trends in the wedding business, and falling marriage rates were all
problems. Lenders have acquired ownership after reducing the loan by
$450,000,000.
After declaring bankruptcy in April, Nine West shut down its 70 remaining
outlets. In June, the firm made a $340,000,000 sale of its shoe and accessory
brands Nine West and Bandolino to Authentic Brands Group, the parent
company of such well-known labels as Frye, Vince Camuto, and Juicy Couture in
Major Bankruptcies in Recent Years.

3. 1. The NEIMAN MARCUS GROUP, INC.
On May 7, the American luxury department store business that also owns New
York landmark Bergdorf Goodman filed for Chapter 11 bankruptcy, making it the
first major retailer to do Major Bankruptcies in Recent Years.
The epidemic undoubtedly had a role, but it wasn’t enough to destroy this
shopping destination. Since 2005, when it experienced its first of two leveraged
buyouts, Neiman Marcus has been unable to recover financially from its heavy
debt load. The Dallas-based team, however, demonstrates that a bankruptcy
filing might really be a blessing in disguise.
• Major Bankruptcies in Recent Years
• shopping destination
• WorldCom Telecommunications filed
The company emerged from Chapter 11 in September after a debt restructuring
plan wrote out more than $4 billion. The road to recovery, though, has only just
started. As a result of the epidemic, several high-end companies have chosen to
bypass established wholesale routes in favor of selling directly to consumers
Major Bankruptcies in Recent Years.
2. J.C. PENNEY
By the start of the year 2020, the enormous retail company had over 840 sites
throughout the United States, 90,000 workers, and a history in business dating
back 118 years. After Neiman Marcus’s Chapter 11 bankruptcy filing on May 6,
J.C. Penney did the same on May 15.
Both the luxury competitor and the bargain chain have announced that they have
emerged from bankruptcy after acquisition by mall owners Simon and
Brookfield. The company will have to lay off 20,000 employees and shut one-
third of its outlets to stay afloat. More than half of J.C. Penney’s employees will
remain their current positions & Major Bankruptcies in Recent Years.
3. AVIANCA
Just how much mileage did you put on your car this year? It’s been difficult to
keep track of all the airlines that fell down in 2020 due to the worldwide tourist

4. slump. Maybe not how Avianca hoped to commemorate the start of its second
century in operation & Major Bankruptcies in Recent Years.
A Colombian airline that is both the second-largest in Latin America and the
second-oldest in the world (after the Dutch KLM) has filed for Chapter 11 in New
York on May 10. Avianca, like many other legacy airlines, has been feeling the
pressure from budget carriers for quite some time. It has decided to eliminate
several routes and lay off as much as 40 percent of its workforce in order to
remain solvent.
4. NORWEGIAN AIR
Even the budget airlines felt the effects. The pioneer of low-cost transatlantic
flights, Norwegian Air, filed for Chapter 7 bankruptcy protection in December.
After years of rapid development funded by debt, the corporation was unable to
withstand unexpected setbacks & Major Bankruptcies in Recent Years. As a result
of the pandemic, passenger numbers for the airline plummeted by 99 percent in
the second quarter of 2020, rendering it impossible for the company to meet its
financial obligations in full and on schedule.
Keep in mind that Norwegian filed for Examinership in the Irish courts in order
to safeguard its aircraft assets. Filing for bankruptcy in the United States is a
popular option for many multi-national corporations since doing so requires
neither physical presence nor a domestic business presence. One benefit of
Chapter 11 bankruptcy is that, unlike in most international insolvency systems,
where a trustee is appointed, the company’s current management is allowed to
keep running things while the case is pending.
5. DIGICEL
Cell phones from Digicel are almost standard issue throughout the Caribbean.
Nonetheless, for years, the business has struggled against falling sales and rising
operational expenses & Major Bankruptcies in Recent Years. Why is that? Low-
margin data consumption among customers has increased, but high-margin
phone income has decreased. Digicel’s cable TV and internet divisions have
likewise been unable to make up for losses in the phone market. Its
“unsustainable quantities of financed indebtedness” was cited in the May New
York bankruptcy filing by the Jamaica-based, Bermuda-incorporated, Irish-
owned corporation.

5. 6. VALARIS
You know how the tale ends: several oil and gas companies defaulted on their
debt due to a multi-year decline in commodities prices that was exacerbated by
the epidemic. London-based Valaris, the world’s biggest offshore and well
drilling firm, filed for Chapter 11 Major Bankruptcies in Recent Years on August
7. MCDERMOTT INTERNATIONAL
Even the coronavirus pandemic couldn’t prevent oilfield services provider
McDermott International from defaulting on its debts. McDermott filed Chapter
11 reorganization in January, becoming another another victim of poor pricing
and record-breaking debt. It has subsequently emerged from the proceedings
thanks to a restructuring plan that includes the sale of its subsidiary, Lummus
Technologies. Oil prices are expected to rise again in 2021, giving employees at
the Houston firm reason to be optimistic Major Bankruptcies in Recent Years.
8. THAI AIRWAYS
At one time, Thai Airways International was widely regarded as Asia’s premier
airline, thanks in large part to its excellent customer care. Thai has posted net
losses for seven of the previous ten years, making it impossible to invest in the
essential modifications and upgrades, which may explain why consumers are no
longer satisfied. As a result of the pandemic’s devastating impact of Major
Bankruptcies in Recent Years, the corporation filed for bankruptcy in May, or
“debt rehabilitation” as it is known in Thailand, citing a debt load of 300 billion
baht ($10 billion at the time of the filing).
9. CHESAPEAKE ENERGY CORPORATION
Fracking, the process of removing oil and gas from rock formations by injecting
high-powered water and chemicals, was developed by Oklahoma City-based
Chesapeake Energy a decade ago. Under the weight of its debt, the company went
Major Bankruptcies in Recent Years and was delisted from the New York Stock
Exchange on June 30 of this year.
10. ASCENA RETAIL GROUP

6. A huge retail chain has the potential to accrue more debt than anything else. It’s,
of course, a conglomerate that owns multiple different stores. This is the
situation with Ascena, a retail conglomerate that included well-known brands
including Ann Taylor, Loft, Lou & Grey, and Lane Bryant before filing for Major
Bankruptcies in Recent Years in July. Sycamore Partners, a private equity firm,
agreed to buy and relaunch Ascena’s portfolio of brands in November. The deal
included the private equity firm’s promise to keep open around 900 of the
company’s 1,500 retail sites throughout the United States. There will be a loss of
thousands of jobs, both immediately and indirectl.