The First Intermediate Period (Part I): a Collapse.
Pepy II is gone, and with him the last well-documented reign of the Old Kingdom.
Egypt is now disunited; in the North, the House of Khety has taken power and rule from Herakleopolis.
Although not necessarily a period of chaos, or tragedy, it is remembered negatively by later Egyptians. Ipuwer, a New Kingdom writer, describes the "memory" of the F.I.P. in his literary text, The Lamentations.
Bibliography
Nicolas Grimal. A History of Ancient Egypt. 1994.
W. K. Simpson (editor). The Literature of Ancient Egypt. 2003.