Prepackaged Ch. 11 Filings Not Slowing Down: S&P

Law360, New York (May 13, 2009, 12:00 AM ET) -- The first quarter of 2009 marked an eight-year high for prepackaged bankruptcy filings, with six parent companies seeking Chapter 11 protection with $16.5 billion in debt, Standard & Poor's revealed in a report Wednesday, a trend the credit rating agency does not expect to see abate any time soon.

That figure represents the highest volume of debt covered by prepackaged Chapter 11 filings in a decade and the second-highest number of bonds — 94 — affected by such filings over the same period. In 2001, 154...
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