The Loewen Group Inc. filed for Chapter 11 reorganization June 1 listing $4.14 billion in assets and $3.24 billion in liabilities, continuing the feverish pace of bankruptcy filings in Delaware this year.
Loewen, the owner of more than 1,100 funeral homes and 400 cemeteries, catapulted to second place on the list of largest Chapter 11s filed in Delaware in the 1990s. Only Continental Airlines, which had $4.8 billion in assets and $3.4 billion in debt when it filed for reorganization, has exceeded Loewen’s total assets this decade.
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