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 organization that has been led by Jon Corzine, the previous governor of New Jersey, was the biggest organization to file for bankruptcy. Other large businesses included AMR Corp., the parent of American Airlines, and bookseller Borders Group Inc.
The typical asset size of organizations declaring bankruptcy this past year was $1.2 billion, up from $840 million in 2010, mainly due to the $41-billion bankruptcy of MF Global, the eighth-largest in U.S. history.
The data signal that larger companies are recovering their footing following a increase in bankruptcy filings in the course of the financial meltdown.
But it's unclear whether the trend will continue. Some experts predict a spike this year as companies that borrowed heavily before the financial crisis could run into trouble as the debt must be paid off.
"I expect to see a rise in large bankruptcies in 2012 as a number of the tremendous amount of debt that was issued before 2008 begins to come due," said George Putnam, founder of BankruptcyData.com's parent company, New Generation Research Inc.
The decrease in large corporate filings parallels a recent drop in personal bankruptcies.
The number of Americans filing for personal bankruptcy fell 12% last year, as 1.35 million Americans entered Chapter 7 or 13, according to an analysis for the National Bankruptcy Research Center by Columbia Law School professor Ronald Mann.
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 organization that has been led by Jon Corzine, the previous governor of New Jersey, was the biggest organization to file for bankruptcy. Other large businesses included AMR Corp., the parent of American Airlines, and bookseller Borders Group Inc.
The typical asset size of organizations declaring bankruptcy this past year was $1.2 billion, up from $840 million in 2010, mainly due to the $41-billion bankruptcy of MF Global, the eighth-largest in U.S. history.
The data signal that larger companies are recovering their footing following a increase in bankruptcy filings in the course of the financial meltdown.
But it's unclear whether the trend will continue. Some experts predict a spike this year as companies that borrowed heavily before the financial crisis could run into trouble as the debt must be paid off.
"I expect to see a rise in large bankruptcies in 2012 as a number of the tremendous amount of debt that was issued before 2008 begins to come due," said George Putnam, founder of BankruptcyData.com's parent company, New Generation Research Inc.
The decrease in large corporate filings parallels a recent drop in personal bankruptcies.
The number of Americans filing for personal bankruptcy fell 12% last year, as 1.35 million Americans entered Chapter 7 or 13, according to an analysis for the National Bankruptcy Research Center by Columbia Law School professor Ronald Mann.
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