Q3 Review: Most Active States and Venues

California, Florida and Arizona Lead Chapter 11 Petition Activity

In the third quarter, 500 Chapter 11 petitions involving liabilities greater than $1 million were filed by U.S. companies, according to data compiled by BLAW and Bloomberg Brief. Twenty-nine businesses sought court protection in Arizona and 28 filed in Florida’s middle district.

New York’s Southern District was the favored venue for companies filing petitions involving debt of $50 million or more. The court received seven such Chapter 11 petitons. Delaware, Arizona and New York’s Eastern District each took on 3 new cases with large debt levels.

Of the 122 Chapter 11 petitions listed as single asset real estate, 102 involved liabilities of $1 million to $10 million, 17 listed debt of $10 million to $50 million and two listed debt of $100 million to $500 million. One involved liabilities of $50 million to $100 million.

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