By Sandra M. Jones | The
pace of public company bankruptcies dwindled to a murmur in February,
continuing a slowdown that began in December, according to
BankruptcyData.com.

Five public companies filed for either Chapter 7 liquidation or Chapter
11 reorganization in February compared to 19 filings for the same
period in 2009. Only one of the companies in February had assets topping $1 billion: Movie Gallery with $6.6 billion.

Likewise, fewer giant companies are failing.

Public companies with at least $1 billion in assets represented 25 percent of the total 210 bankruptcy filings in 2009, the Boston-based firm said. For the first two months of this year, mega-bankruptcies account for 19 percent of the total 16 filings.

“Last year was like a tsunami, but this next phase will be more like a rising tide, consistent and steady,” said bankruptcy expert William K. Snyder, managing partner with CRG Parnters. “It’s going to be busy, but not crazy.”　　

　For January, 12 public companies filed for bankruptcy down from 18 in January 2009. And there were just two bankruptcies with assets topping $1 billion compared to seven in January 2009.

Likewise, December saw a total of 11 filings, less than half of the 23 bankruptcies in December 2008.