The technology giant Apple has filed for Chapter 11 bankruptcy protection.
Recode Apple has filed Chapter 11 for the first time, filing for protection from creditors.
Apple is the most valuable tech company in the world with an estimated valuation of $2.6 trillion, according to Bloomberg data.
It has $2 billion of cash and investments, according the Bloomberg Billionaires Index.
The filing with the Federal Reserve Bank of New York, filed on Thursday, gives Apple an emergency financial help package to avert insolvency.
The bank is looking for Apple to pay $2,600 per employee to remain in a fiduciary role and pay the bank $300 million in cash, according a copy of the filing obtained by Recode.
The plan would also require Apple to sell off some of its other assets.
Apple’s filing was first reported by The Wall Street Journal.
The filing comes as the tech industry is on the brink of another financial crisis.
The latest report from the Financial Services Roundtable showed that tech stocks have fallen 6.4 percent over the past six months.
The S&P 500 and the Nasdaq Composite Index have both dropped more than 10 percent since the start of the year.
The tech industry has faced several rounds of bankruptcy in recent years.
The financial crisis in 2008 brought about a new wave of bankruptcies.
That prompted the tech community to create an all-volunteer board of directors.
The company said in February that it was working on a plan to prevent another financial crash.
