Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

Corporate Bankruptcy Recap & Forecast: Downward Trend Continues while Prepackaged Reorganizations Rise in 2013
  • USA - English


News provided by

New Generation Research, Inc.

Jan 10, 2014, 03:00 ET

Share this article

Share toX

Share this article

Share toX

10 Largest Bankruptcies of 2013
10 Largest Bankruptcies of 2013

Boston, MA (PRWEB) January 10, 2014 -- BankruptcyData.com’s research reveals that 71 publicly traded* companies filed for bankruptcy protection in 2013 with a total of $42.6 billion in combined total pre-petition assets**. This filing count is down from 2012’s 87 filings and $70.8 billion in assets. The largest filing of 2013 was Cengage Learning’s $7.5 billion bankruptcy, followed by Penson Worldwide with $6.2 billion in assets then a sharp drop to Dex One’s $2.8 billion filing. The attached chart reflects the ten largest Chapter 7 and Chapter 11 proceedings for 2013. Coincidentally, these are the only bankruptcies for the year that listed $1 billion or more in total pre-petition assets.

The average pre-petition asset figure also continued its downward trend, dropping to $600 million—compared to $814 million in 2012. In fact, the total asset figure for the two largest bankruptcies combined still does not equal that of the largest filing of 2012—Residential Capital, which had more than $15 billion in assets—and none of this year’s bankruptcies come close to ranking on BankruptcyData.com’s list of largest all-time bankruptcy filings (also attached).

Continuing a trend we’ve seen over the past few years—and unlike the bankruptcy cycles of (1) 2000-03 and (2) 2008-09, which were clearly dominated by certain industry groups (telecom/technology and financial services, respectively), 2013’s Chapter 11 activity covered a wide range of industries. As was the case in 2012, health care & medical industry bankruptcies once again led this year’s filing count with ten bankruptcies (or approximately 15% of the total filings) coming from this sector (with total combined assets of $1.2 billion).

In terms of asset size, filings from the health care & medical industry do not measure up to those from the banking & finance, education and publishing sectors, which reported combined total assets of $9.5 billion, $8.2 billion and $6.3 billion, respectively despite their respective bankruptcy counts of just four, three and four. It should be noted that many filings within the financial sector, which typically report a higher pre-petition asset figure than other industries, reflect a tremendous asset discrepancy between the date on which a company files its most recent pre-petition Annual Report and its bankruptcy date. This variance often can be explained by Federal Deposit Insurance Corporation (FDIC) closures and subsequent third party bank asset acquisitions.

Other significant industry representations in 2013 include the following: telecommunications: seven bankruptcy filings/$1.5 billion in assets; manufacturing; seven bankruptcy filings/$3.0 billion in assets; oil & gas: five bankruptcy filings/$1.7 billion in assets and computers & software: five bankruptcy filings/$575 million in assets. The attached graphic provides an overview of 2013’s bankruptcy activity by industry.

While statistical analysis reveals that bankruptcy activity has generally slowed over the past several years, many wonder if this trend will continue in 2014. George Putnam, III, Founder of New Generation Research, anticipates a change. Putnam explains, “Even with the strength in the markets, there are a number of companies that raised large amounts of debt prior to 2008 that have not yet refinanced or restructured that debt. Many of those debt issues come due over the next few years, and we think a significant number of those issuers will have trouble refinancing.”

Putnam continues, “In addition, there has been a huge amount of new high yield debt issued since 2009. History shows us that a meaningful percentage of high yield debt usually defaults within four years of issuance. Even if only a small percentage of the debt issued over the last four years goes into default, that is likely to generate a significant surge in bankruptcy filings. It is difficult to predict exactly when defaults and bankruptcies will pick up again, but we are confident it will happen in the not-too-distant future.”

Despite the decrease in the actual number of filings, there has been an increase in the number of prepackaged (Plan of Reorganization filed concurrently with the Petition) or pre-negotiated (company has initiated pre-petition creditor negotiations) bankruptcy filings over the past few years, and many companies are now opting for this streamlined approach or simply restructuring outside the parameters of a U.S. Bankruptcy Court proceeding. In fact, BankruptcyData.com’s research reveals that there were a total of 17 prepackaged Chapter 11 proceedings in 2013, versus eleven in 2012 and just four in 2011—with respective combined total asset figures of $14 billion, $8 billion and $3 billion. The attached chart offers historical context on both the number and size of public Chapter 7 and Chapter 11 bankruptcy filing activity dating back to 1980.

  • BankruptcyData.com defines publicly traded as those companies with common stock and/or bonds that are publicly-traded on U.S. markets.

** All total asset figures are pre-petition and taken from each debtor’s most recent Annual Report filed with the Securities and Exchange Commission (SEC).

*** Indicates that the company has made more than one bankruptcy filing.

Disclaimer: BankruptcyData.com collects its information from the U.S. Bankruptcy Court, SEC and FDIC. Although all sources are believed to be reliable, accuracy cannot be guaranteed. New Generation Research thoroughly analyzed and audited all bankruptcy figures and statistics; however, certain details may require adjustment pending untimely SEC reporting and/or delayed U.S. Bankruptcy Court docketing.

***********************************************
Media is welcome and invited to reproduce information provided in this release and/or taken from BankruptcyData.com’s Research Center—with appropriate sourcing to corporate bankruptcy data provider BankruptcyData.com. Additional statistics and/or queries are available upon media request.

BankruptcyData.com, a division of New Generation Research, Inc., provides news, retention data, financial history, creditor information, reorganization plan summaries and more for publicly traded companies that have filed for bankruptcy protection since 1980. Its extensive databases can be searched by assets, industry, filing date and company name.

New Generation Research, Inc.
1212 Hancock Street, LL-15; Quincy, MA 02169, (617) 573-9550
http://www.BankruptcyData.com
[email protected]

Follow us for breaking news: Facebook| Twitter

Linzee Brown, New Generation Research, Inc., +1 (617) 573-9550 Ext: 558, [email protected]

Modal title

10 Largest All Time Chapter 7 and Chapter 11 Bankruptcies (1980-2013)
10 Largest All Time Chapter 7 and Chapter 11 Bankruptcies (1980-2013)
2013 Chapter 7 and Chapter 11 Bankruptcies by Industry
2013 Chapter 7 and Chapter 11 Bankruptcies by Industry
Public Companies/Assets Filing for Bankruptcy (1980-2013)
Public Companies/Assets Filing for Bankruptcy (1980-2013)
10 Largest All Time Chapter 7 and Chapter 11 Bankruptcies (1980-2013) 2013 Chapter 7 and Chapter 11 Bankruptcies by Industry Public Companies/Assets Filing for Bankruptcy (1980-2013)

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.