THE PROCESSION of huge bankruptcy cases filed recently reveals a significant trend for U.S. bankruptcy courts and venue selection. After a decade-long dalliance with the Bankruptcy Court in Wilmington, Del., bankruptcy lawyers and their clients are once again favoring the Southern District of New York.
Over the last eight months, starting with Enron’s December 2001 filing, there have been an astonishing six new entries to the ranks of the 10 biggest-ever bankruptcy filings. Five of those companies – WorldCom Inc., Enron Corp., Global Crossing Ltd., Adelphia Communications and NTL Inc. – filed for reorganization in the Southern District of New York. Only one filed elsewhere – Kmart Corp., in the U.S. Bankruptcy Court for the Northern District of Illinois.
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