PWC Predicts 200 Public Bankruptcies in 2002

March 8, 2002 ( - The number of corporate bankruptcies is slowly edging down, but is still stubbornly clinging to levels high above the historical averages, according to accounting firm PricewaterhouseCoopers LLP (PWC).

According to a new report from PWC, the 200 public company bankruptcies expected in 2002, though below last year’s level of 257 firms with $256 in assets, still towers over the annual average between 1986 and 2000 of 113 such filings.

In the private sector, bankruptcy filings are expected to rise to 10,800 this year from 9,928 in 2001- the highest in seven years, according to the accounting firm.

The report predicts that companies in the telecommunications, auto, steel, computer hardware, chemical, and retail sectors will be particularly hard hit in 2002.