Company Bankruptcies Surging In the United States
Posted on Sep 17, 2008 10:57am PDT
Throughout the nation, eyes and ears have been glued to the huge Lehman Brothers Holdings'
Chapter 11 bankruptcy filing proceedings. The Lehman's Brothers $691 billion in total pre-disposition assets has led the 2008 figure for total corporate public bankruptcies to jump historically high. The number has surpassed the total for 2007 and other totals from prior years. Even without the Lehman's Brothers assets being accounted for, 2008 figures would still blow prior years out of the water for corporate bankruptcies.
Data to support these claims was provided by BankruptcyData.com. MarketWatch.com reports, "In terms of the number of public companies filing a Chapter 11 or Chapter 7 petition with the US Bankruptcy Court, the accompanying chart reveals a consistent reduction since 2001's high of 263. The 2007 figure rose slightly from 2006's low of 66, and 2008's numbers will certainly climb further. However, we are still far-removed from the filing levels seen earlier this decade. While it is doubtful that year-end bankruptcies will hit the historic highs seen in 2001, Lehman Brothers' Chapter 11 bankruptcy will almost certainly secure 2008's spot in the record books."
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