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The number of publicly traded companies filing for bankruptcy declined in 2011 for the third straight year to levels last seen before the 2008 global financial crisis, according to BankruptcyData.com. Eighty-eight public companies entered bankruptcy proceedings last year, a 17% drop from the 106 filings the previous year and down 58% from 211 filings in 2009, according to the website. The figures cover both Chapter 11 petitions for companies seeking to restructure and Chapter 7 filings for those planning to go out of business. MF Global Holdings Inc., the collapsed financial firm that was headed by Jon Corzine, the former governor of New Jersey, was the largest company to file for bankruptcy. Other large companies included AMR Corp., the parent of American Airlines, and bookseller Borders Group Inc. The average asset size of companies filing for bankruptcy last year was $1.2 billion, up from $840 million in 2010, largely because of the $41-billion bankruptcy of MF Global, the eighth-largest in U.S. history. The data indicate that larger companies are regaining their footing after a surge in bankruptcy filings during the financial crisis. Click here for complete story.
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