10. Seahawk Drilling: A mere minnow of a bankruptcy at $625 million, Seahawk lacked the size, diversification, and sound financial fundamentals it would have needed to survive the slowdown in coastal drilling touched off by the BP spill in the Gulf of Mexico. Its fleet of rigs was sold to Hercules Offshore to raise funds to pay off bondholders.
MF Global aside, this was a relatively quiet year for bankruptcies considering the poor economy. The good news for bankruptcy fans is that things picked up near the end of the year, as European sovereign debt woes made it more difficult for heavily indebted firms to roll over their obligations. Since nobody expects the European situation to be sorted out anytime soon, that means next year should feature an extended period of choppy waters for troubled firms and perhaps a spike in Chapter 11 filings.
Source: http://feeds.slate.com/click.phdo?i=e3d85077b9ee7d389274e977000240f4
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