First Half Review: Largest Chapter 11 Filings, Chapter 9s
Financial services businesses were the leading source of Chapter 11 bankruptcies involving liabilities of $500 million or more in the first half of 2012. Residential Capital’s petition listed $15.3 billion of debt and Arcapita Investment holdings listed $2.55 billion worth of liabilities.
Seven Chapter 9 bankruptcies were recorded in the first half of 2012; two petitions were made in the first quarter and five were in the second quarter. Of the seven Chapter 9 bankruptcies filed in the first half of 2012, Stockton’s is the largest such petition. The city listed assets of more than $1 billion and debt of $500 million to $1 billion.