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Thornburg Mortgage
Thornburg Mortgage
Rank: 9
Date of bankruptcy filing: 05/01/09
Assets: $36.5 billion


The Santa Fe-based real estate investment trust and "jumbo" mortgage lender was hit by the subprime mortgage crisis in 2007 as its stock dwindled and the credit markets convulsed. To prevent a collapse, the company ceased accepting loan applications while it tried to raise more equity through a stock offering. The following year it restated financials and creditors agreed to back off while the company raised more capital, but on April 1 of this year, Thornburg announced that it would close up shop and enter Chapter11 bankruptcy to sell any remaining assets.

NEXT: Pacific Gas and Electric Co.
Last updated November 01 2009: 5:24 PM ET
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