Texaco bankruptcy

Texaco (TX): filed for bankruptcy 12 Apr 1987. Came back 7 Apr 1988: Texaco left Chapter 11 after paying Pennzoil a $3 billion cash settlement; the bankruptcy court issued its notice of plan confirmation and discharge that day, and the stock had stayed on the NYSE throughout. Texaco and the other defunct companies are on one page, each with its dates, prices and sources.

Key dates and prices

What happened

In 1985 a Texas jury found that Texaco had interfered with Pennzoil's agreement to buy Getty Oil and awarded Pennzoil $10.53 billion.

Texaco, then the eighth-largest US company with $34 billion in assets, filed for Chapter 11 on April 12, 1987, the biggest bankruptcy filing up to that time.

Texaco said the only reason for the filing was to keep the Pennzoil judgment from crippling the company, and it kept running its business.

Texaco stock fell $3 a share in early trading on the first day after the filing.

During the case, Texaco and Pennzoil settled for $3 billion in cash, and the court approved the deal in December 1987.

The court confirmed Texaco's reorganization plan on March 23, 1988, and issued its notice of confirmation and discharge on April 7, 1988.

Cause: Chapter 11 after Pennzoil verdict. Biggest filing yet, 1987. Out within a year.

What was the ticker symbol for Texaco stock?

Texaco traded under the ticker TX. Texaco: filed for bankruptcy 12 Apr 1987.

When did Texaco come back?

Texaco came back 7 Apr 1988. Texaco left Chapter 11 after paying Pennzoil a $3 billion cash settlement; the bankruptcy court issued its notice of plan confirmation and discharge that day, and the stock had stayed on the NYSE throughout.

What happened to Texaco?

Texaco: filed for bankruptcy 12 Apr 1987. Biggest filing yet, 1987. Out within a year.

Checked 27 September 2026. History, not advice.

Sources: nysb.uscourts.gov, csmonitor.com