Question
Wikipedia says the following: "After the FDIC stripped the holding company of its banking subsidiary (the bank), the holding company, Washington Mutual, Inc. was left with $33 billion assets, and $8 billion debt.[4][8][9][3] The next day, September 26, Washington Mutual, Inc. filed for Chapter 11 voluntary bankruptcy in Delaware" Why would a company with four times as many assets as liabilities have to file for bankruptcy? I'm obviously missing something here. Can anyone clarify?