Bankruptcy Filings by Major Companies Soar
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Publicly traded U.S. companies filed for bankruptcy in record numbers in 2001, an indication that banks will need to keep a sharp eye on credit quality in their loan portfolios through the rest of this year, the Federal Deposit Insurance Corp. said.
A total of 257 public companies, with some $258.5 billion in assets, filed for bankruptcy last year, a hefty 46% increase over the previous record of 176 filings set a year earlier, the FDIC said in a staff research report.
The figures include the recent bankruptcy of Enron Corp., the largest in U.S. history.
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