The number of public companies filing for bankruptcy is tracking at a record low, according to the American Bankruptcy Institute. Through the fourth week of August, 34 public companies have filed for Chapter 11 protection. The ABI projects about 50 will file this year, breaking the previous low of 62 in 1980.
Public company bankruptcies have dropped each year since 2001 when 263 filed for protection; eighty-six filed in 2005. Business filings for all types of protection fell in the first half, according to the institute's data. They totaled 4,858, a 44.39% drop from the 8,736 filed in the same period of 2005.