Delaware’s magnetism for big-bucks business bankruptcies experienced a rare reversal of fortune when the U.S. Bankruptcy Court in Wilmington sent two cases, including one of the largest filed here this year, to the home states where the debtor companies have their operations.
The mammoth among the two departures was oil-and-gas giant TransTexas Gas Corp., dispatched along with its affiliates May 21 to Texas by Bankruptcy Judge Mary F. Walrath. TransTexas is a subsidiary of TransAmerican Energy Corp., which had weighed in as the second largest Chapter 11 reorganization filed in Wilmington this year with $1.85 billion in assets and $1.56 billion in debts.
