The Bankruptcy Run Isn't Slowing

High debt and low cash mean more candidates for 2003. Credit analysts have a whole list of possible filers

What a year. Only three weeks into 2002, Kmart (KM ) collapsed. Global Crossing (GBLXQ ) came next, then Adelphia Communications (ADELQ ), WorldCom (WCOEQ ), UAL (UAL ), and Conseco (CNCEQ ). By yearend, half of the 10 largest corporate failures in history, as measured by assets, had occurred. Indeed, the year's bankruptcies were so colossal that Kmart's Chapter 11 declaration -- No.6 on the all-time list when it was filed -- no longer even merits a Top 10 ranking.

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