Bankruptcy record set in'01

verfasst von marsch, 04.01.2002, 16:10

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<td><font size=5>Bankruptcy record set in'01</font>

255 public US firms filed, Web site says

By Bloomberg News, 1/4/2002

More publicly traded US companies sought bankruptcy court protection in 2001 than ever before, a Web site that tracks such filings reported. The amount of assets involved was more than double the previous record.



Last year, 255 publicly traded companies filed for bankruptcy, breaking the previous mark of 176 set in 2000, according to Boston-based BankruptcyData.com. At the height of a 1991 wave of bankruptcies, 123 public companies filed, the firm said.

Observers say the trend will continue into this year.

''We're only in the middle of this, and 2002 will have more bankruptcies than last year,'' said Barry Ridings, an investment banker and head of corporate restructuring at Lazard Freres & Co.

Bankruptcy filings generally follow the junk bond market, which peaked in the number of new issuances in 1998, said Ridings.

''There's typically a two- or three-year lag from time of issue to default,'' he said. ''They don't call them junk for nothing.''

Assets of public companies entering bankruptcy in 2001 totaled $258.5 billion, more than doubling the previous record of $94.8 billion set the year before. Before 2000, the record for assets going into bankruptcy was $93.6 billion set in 1991.

Enron Corp., which sought Chapter 11 protection on Dec. 2 with $63.3 billion in assets, was the largest-ever Chapter 11 filing. The energy trader's bankruptcy topped Texaco Inc.'s $35.9 billion Chapter 11 case filed in 1987.

After Enron, the next five largest bankruptcies in 2001 were PG&E Corp.'s Pacific Gas and Electric unit with $21.4 billion in assets; Finova Group Inc. with $14.1 billion; Reliance Group Holdings Inc. with $12.6 billion; Federal-Mogul Corp. with $10.2 billion; and Comdisco Inc. with $8.8 billion.

Overall, 45 companies with more than $1 billion in assets sought to reorganize under Chapter 11 in 2001, more than doubling the previous record of 21 a year earlier.

This story ran on page D3 of the Boston Globe on 1/4/2002.

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