美国历史上最大的10家申请破产保护的公司

时间:2009-06-02   信息来源:  网络
9月15日,美国最大的投资银行之一——雷曼兄弟公司——申请破产保护。

  当天,CNBC就做了一个专题《美国历史上最大的10宗破产保护》(The 10 Biggest Chapter 11 Bankruptcies In US History)。按照申请破产保护时的资产规模排序。雷曼兄弟公司遥遥领先,达到6390亿美元,整整是第二名世通公司的6倍(WorldCom)。从中可以看出美国这次金融危机的规模,真的是非常巨大。

  以前,之所以没有这么大的公司倒下,是因为美国政府奉行“"too big to fail”(保住大公司)的政策。估计这次雷曼公司开了先例以后,将来会有更多的巨型破产出现。

  这里需要指出的是,在美国法律中,“破产”和“破产保护”不是同一个概念,后者不等于前者,不算真正意义上的破产,更像死刑之前的缓刑。美国《破产法》第11章(Chapter 11 of the Bankrupty Code)规定:

一旦破产申请得到法院的批准,债务人(debtor)即成为破产人(bankrupt),其财产由信托人(trustee)管理。债权人(creditor)将无权执行债务人的担保、抵押财产。

  换句话说,第11章给了申请破产的公司一段“缓刑”时间,在这期间没有还债压力,使得公司有时间进行重组,或许可能起死回生。如果重组不见效,再实行破产偿债。这样的规定,不仅使得遭遇暂时性危机的公司有机会度过难关,也使得债权人的损失有可能会变得小一点。事实上,美国最大的那些破产保护案中,不少公司最终都被救回来了。不过,这次看上去,雷曼兄弟“复活”的机会好像不大。

下面就是美国历史上最大的10家申请破产保护的公司。

1. 雷曼兄弟控股公司(Lehman Brothers Holdings Inc.)

资产规模:至少6390亿美元

申请日期:2008年9月15日

  The largest bankruptcy case in history. The storied investment bank became the latest financial company to fall prey to the current credit crisis. According to Banruptcydata.com, Lehman"s assets before filing for bankruptcy were six to seven times the pre-filing assets of the second-largest bankruptcy since 1980.

  这是美国历史上最大的破产案,资产规模是第二大破产案的6到7倍。

2. 世通公司(WorldCom, Inc.)

资产规模:1040亿美元

申请日期:2002年7月21日

  A month after an accounting scandal made headlines, the telecommunications company, once the second-largest long-distance carrier in the U.S., filed for bankruptcy. Several WorldCom executives subsequently pleaded guilty to fraud charges, with CEO Bernard Ebbers sentenced to 25 years in prison. The company emerged from bankruptcy in 2004 as MCI Inc.

  WorldCom电信公司曾经是美国第二大长途电话公司,在会计丑闻曝光一个月后,申请破产。 随后WorldCom的几名董事被指控犯有欺诈罪,其中CEO Bernard Ebbers被判处入狱25年。2004年,该公司破产重组后更名为MCI公司。

3. 安然公司(Enron Corp)

资产规模:660亿美元

申请日期:2001年12月2日

  The high-flying energy company made billions trading esoteric derivatives until insiders blew the whistle on Enron"s massive accounting fraud — prompting a bankruptcy filing that rocked the U.S. financial world. The company was instantly devalued and thousands of employees laid off, their pensions evaporated. Executives Kenneth Lay and Jeffrey Skilling were both convicted of fraud and other charges, although Lay died before being sentenced.

  安然公司是一家高速发展的能源企业,涉入了大量复杂的衍生工具交易中。在内部爆发巨大的会计丑闻后,宣布破产。当时安然公司的破产对美国金融界影响巨大。破产后,公司迅速贬值,上万员工被解雇,并丧失了养老金。公司董事肯尼斯-雷(Kenneth Lay)和杰弗里-斯吉林(Jeffrey Skilling)双双受到欺诈和其他罪名的指控。不过肯尼斯-雷在判决前过世。

4. Conseco公司

资产规模:614亿美元

申请日期:2002年12月8日

  Shares of Conseco, an Indiana-based finance and insurance company, once traded as high as $58, but were worth less than $1 when the conglomerate declared bankruptcy. The company had racked up massive debt due to multiple acquisitions and loans to officers to buy company stock. Conseco emerged from bankruptcy in 2003.

  Conseco是一家位于印第安那州的金融和保险公司,其股票曾经每股高达过58美元,但是当宣布破产时,其股票贬值到每股1美元。由于其多方收购和大量贷款给政府官员购买公司股票,Conseco公司堆积了大量债务。Conseco公司于2003年摆脱困境重组。

5. 美国德士古公司(Texaco, Inc.)

资产规模:359亿美元

申请日期:1987年4月12日

  The oil company filed for bankruptcy protection after a court said it owed Pennzoil $10.5 billion in damages stemming from an earlier merger agreement. Texaco eventually paid Pennzoil $3 billion, emerged from bankruptcy after 361 days and later became part of Chevron.

  由于一起合并纠纷,一家法院判决德士古公司欠Pennzoil公司105亿美元。于是,这家原油公司宣布破产。德士古公司最终赔偿Pennzoil公司30亿美元,并在破产361天后重组成功,稍后并入Chevron公司。

6. 美国金融公司(Financial Corp. of America)

资产规模:340亿美元

申请日期:1988年9月9日

  The Financial Corp. of America declared bankruptcy after a $2 billion federal bailout of its primary subsidiary, the American Savings and Loan Association, during the savings and loan crisis of the late 1980s.

  20世纪80年代的储蓄和贷款危机中,美国金融公司在其主要子公司美国储蓄和贷款协会(American Savings and Loan Association)进行了20亿美元的联邦紧急救融资后,宣布破产。

7. Refco公司

资产规模:330亿美元

申请日期:2005年10月17日

  The commodities brokerage filed for bankruptcy just two months after going public. Scandal englufed the company, with several executives arrested, including former president Tone N. Grant, who was sentenced in August of this year to 10 years in prison for covering up debt.

  这家期货交易经纪公司在上市仅仅两个月后就申请破产。主要原因是公司卷入丑闻,公司几位主要董事被捕,包括前总裁Tone N. Grant,他于当年八月因为隐瞒债务被判入狱10年。

8. Global Crossing, Ltd.

资产规模:302亿美元

申请日期:2002年1月28日

  The telecommunications company spent billions laying fiber-optic cables to carry the world"s surging Internet traffic, but Global Crossing found itself stretched too thin when the dotcom bubble burst. After it emerged from bankruptcy in late 2003, top executives were ordered to return $325 million to investors as a result of a class-action lawsuit. Executives were also investigated by Congress; although none were charged, three were fined $100,000 by the Securities and Exchange Commission.

  这家电信公司投入数十亿美元进行光纤电缆的铺设。但是随着网络经济泡沫的破灭,Global Crossing很快发现自己把面铺得太广了。2003年底重组成功后,由于一起集体诉讼,高级经理们被要求归还投资者3.25亿美元。同时,他们还受到了国会的调查,不过没有受到指控,最终三名经理被美国证券交易委员会(Securities and Exchange Commission)罚款10万美元。

9. 太平洋天然气与电力公司(Pacific Gas & Electric Company)

资产规模:298亿美元

申请日期:2001年4月6日

  California"s largest publicly owned utility. In the later 1990s, under electricity market deregulation this utility sold off most of its natural gas power plants. With little generating capacity of its own, and unable to sell electricity to consumers for more than it could buy it on the open market, PG&E was forced to enter Chapter 11 bankruptcy April 6, 2001. The State of California bailed out the utility, the cost of which worsened an already bad state budget situation. This played an important part in the eventual recall of California Governor Gray Davis. PG&E emerged from bankruptcy in April 2004, after distributing $10.2 billion to hundreds of creditors.

  加州最大的公用事业公司。90年代后期,随着管制的放松,它将自己的大多数发电厂都卖出。2001年加州爆发能源短缺危机时,它本身已没有发电能力,也无力收购外部电力再转售,只能申请破产保护。加州政府对其提供援助,使得本来已经恶化的州财政进一步恶化,直接导致了州长Gray Davis的下台。2004年4月,它在向债权人偿还102亿美元后,宣布结束破产状态。

10. 联合航空

资产规模:252亿美元

申请日期:2002年12月9日

  A major airline of the United States. Coupled with a battered network (after the dot-com bust), the September 11 attacks, and skyrocketing oil prices, the company lost $2.14 billion in 2001 on revenues of $16.14 billion. Unable to secure additional capital, UAL Corporation filed for chapter 11 bankruptcy protection in December. United continued operations during its bankruptcy, but was forced to cut its costs drastically. The bankruptcy court approved the restructuring plan on January 20, 2006, clearing the way for United to exit bankruptcy on February 1, 2006, and finally return to normal operations.

  美国主要的航空公司之一。2001年,由于911事件、油价上涨、以及泡沫经济的破灭,公司收入161.4亿美元,净亏损21.4亿美元。当年12 月,由于无法获得资金注入,联合航空申请破产保护。此后,它大力削减费用。2006年1月20日,法院同意了它的重组计划。当年2月1日,它宣布结束破产状态,重新开始正常运营。

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