Bankruptcy filings set record in 2001

New York, Jan. 3 - More publicly traded companies filed for bankruptcy in 2001 than ever before, according to www.BankruptcyData.com, a Boston, Mass.-based web site.

According to the company, 255 publicly traded companies filed for bankruptcy in the year, beating the previous record of 176 in 2000 and more than double the 123 filing at the height of the previous bankruptcy wave in 1991.

The assets of public companies entering bankruptcy in 2001 also set a new record, totaling $258.5 billion, more than double the previous record of $94.8 billion in 2000. Before 2000, the record was $93.6 billion in 1991.

The number of billion-dollar bankruptcies also surged last year. Forty-five companies with more than $1 billion in assets entered Chapter 11, beating the previous record of 21 in 2000. The previous high water mark for billion-dollar bankruptcies was 18 in 1991.

The year's biggest - and the biggest of all time - was Enron Corp. with $63.3 billion in assets (based on its last quarterly report). The Houston energy company toppled Texaco from the all-time top spot, which it had held since filing for Chapter 11 in 1987 with $35.9 billion in assets.

After Enron, 2001's largest filers were Pacific Gas and Electric Co. 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.

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