The ‘city of big shoulders’ has become the ‘city of big bankruptcy cases’. Kmart; Dade Behring; United Airlines; and most recently, Conseco.
All high-profile filings. All filed in Chicago’s bankruptcy court. In fact, official records indicate that the US Bankruptcy Court for the Northern District of Illinois was the second busiest bankruptcy court in the country last year. In addition, the Chicago-based bankruptcy venue ranked fourth nationwide in terms of Chapter 11 reorganisation cases, according to Bankruptcy Court Decisions’ Weekly News & Comment, even though it did not crack the top 10 in that bellwether category only a year ago.
