The global economic downturn has claimed many victims. On Monday, General Motors (GM) became the latest company to file for bankruptcy protection. It marks the fall of a century-old American icon.

See how 7 big corporations fared in bankruptcy

History is littered with companies gone bust. In many cases they are now nothing more than bitter footnotes in the history of Corporate America -- and the market. But sometimes the right management and the right bankruptcy court, wringing the correct concessions from all stakeholders involved, can bring a company back from the brink. And in some cases even make it stronger and better than ever. Only time will tell what GM s fate will be.

Here, then, is a look at seven big corporate bankruptcies, and whether the companies rose from the ashes or were merely consigned to the corporate dustbin of history.

Lehman Brothers Holdings

Assets: $691 billion

Date: 9/15/2008

Lehman was big -- indeed the biggest bankruptcy in U.S. history -- but not too big to fail. The firm's collapse last fall ushered in the end of the Big Five Wall Street investment banks and caused the gears of the global credit markets to grind to a halt.

Washington Mutual

Assets: $324 billion

Date: 9/26/2008

Once the nation's largest savings and loan, WaMu loaded up on subprime mortgages, which eventually poisoned the firm's balance sheet and brought an end to the bank as an independent company. The Federal Deposit Insurance Company seized the bank last fall and immediately sold it to JPMorgan Chase (JPM) -- for less than $2 billion.

Enron

Assets: $66 billion

Date: 12/2/2001

The ultimate poster boy for the accounting scandals of the late '90s and early 2000s (remember WorldCom, Global Crossing and Adelphia Communications?), the so-called smartest guys in the room ran one of the largest companies in the U.S., with reported annual revenue of more than $100 billion by 2000. Alas, all was not what it seemed. Today Enron exists only as a vehicle to settle up with creditors.

WorldCom

Assets: $104 billion

Date: 7/21/2002

At the time of its filing WorldCom held the dubious distinction of biggest U.S. bankruptcy in history. The telecom company was once a very promising highflier. In 1997 it struck a $37 billion deal with MCI -- the biggest merger in history. Like some other marquee names of the late '90s (cough, Enron), WorldCom was wiped out by an accounting scandal. It exists today as a division of Verizon (VZ) .

Kmart

Assets: $17 billion

Date: 1/22/2002

The largest retail bankruptcy in U.S. history had something of a happy ending. After a successful restructuring, the Blue Light Special discounter under hedge fund wiz Eddie Lampert acquired rival Sears, Roebuck. Original shareholders in Kmart were wiped out, but those who got in at the beginning of the resurrected Sears Holding (SHLD) have done well for themselves, indeed. Shares have more than tripled since 2003.

Texaco

Assets: $35 billion

Date: 4/12/1987

The Texaco brand still stands proud on gas stations across the nation, so it's easy to forget that it declared bankruptcy more than two decades ago. A successful restructuring allowed the company to emerge from Chapter 11 protection about a year after filing. But it's not really the Texaco of old today. It's part of Dow component Chevron (CVX) now, courtesy of a 2001 merger.

UAL Corp., parent of United Airlines

Assets: $25 billion

Date: 12/9/02

Airlines declared bankruptcy with the frequency of flight delays not long ago as major carriers spiraled toward consolidation in the face of high fuel prices and union-driven labor costs. The parent of United Airlines, UAL (UAUA), declared bankruptcy in 2002 and emerged from Chapter 11 in 2006. Delta Airlines (DAL) hit bankruptcy in 2005 under similar circumstances and emerged from protection in 2007. Northwest Airlines -- which filed for bankruptcy protection minutes after Delta -- exited bankruptcy one month after its competitor. The two airlines merged in April 2008 and trade under the Delta ticker.