(Corrects the name in paragraph 15 to Greg Segall)

By Tom Hals

WILMINGTON, Del, April 14 (Reuters) - The number of bankruptcies among publicly traded U.S. companies has climbed to the highest first-quarter level for five years, according to a Reuters analysis of data from research firm bankruptcompanynews.com.

Plunging prices of crude oil and other commodities is one of the major reasons for the increased filings, and bankruptcy experts said a more aggressive stance by lenders may also be hurting some companies.

While U.S. stocks have climbed to near record levels and the jobless rate has fallen to a six-year low, 26 publicly traded U.S. corporations filed for bankruptcy in the first three months of 2015. The number doubled from 11 in the first quarter of last year and was the highest since 27 in the first quarter of 2010, which was in the immediate aftermath of the financial crisis.

In addition, many of the bankruptcies were large. Six companies had reported at least a billion dollars in assets when they filed in the first quarter of this year, the most in the first quarter of any year since 2009.

The $34 billion in assets held by the 26 companies is the second highest for a first quarter in the past decade. The highest was the $102 billion held by the public companies that filed in the first quarter of 2009 when the crisis was at its worst.

Restructuring and turnaround professionals said their phones are ringing more often after some of the slowest years ever in the business. For all of 2014, only 54 publicly traded corporations filed for bankruptcy, the lowest number since at least 1980, according to the research firm.

The bulk of the bankruptcies have links to resources, particularly oil prices that have fallen by about half since the middle of last year. Commodity-related bankruptcies included Allied Nevada Gold Corp, BPZ Resources Inc, Dune Energy Inc, Quicksilver Resources Inc, Sierra Resource Group Inc and USA Synthetic Fuel Corp.

"Come down to Houston," said William Snyder, the Texas-based leader of the Deloitte Corporate Restructuring Group in reference to America's energy capital. "You'll see there is just a stream of consultants and bankruptcy attorneys running around this town."









The bankruptcies included the operating unit of the largest U.S. casino company, Caesars Entertainment Corp, retailer RadioShack Corp and Altegrity Inc, a security services firm.

Many of the public companies filing for bankruptcy are the walking wounded of corporate America. Caesars operating unit, for example, has been unprofitable for five years.

Body Central Corp, a chain of 265 Body Shop and Body Central women's clothing stores and the owner of the Sexy Stretch and Lipstick Lingerie labels, was too broke for bankruptcy. It opted for a state court process known as an assignment for the benefit of creditors - essentially a cut-rate liquidation.

Bankruptcy filings had plunged since the U.S. Federal Reserve slashed interest rates during the 2008-09 financial crisis. The Fed's quantitative easing program, which pumped trillions of dollars into the economy between 2008-2014, also led to an easy money environment.

Bankruptcy specialists said this allowed weaker companies to limp along and others to boost earnings by piling on debt -- and risks. When a shock arrives, such as a plunging commodity prices, the companies are unable to cushion the blow.





PULLING THE PLUG

Many bankruptcy professionals said lenders are becoming quicker to pull the plug than they were several years ago.

"In a better economy banks are in better position to take losses," said Greg Segall of Versa Capital Management, which buys assets out of bankruptcy. "The value of loan collateral has risen."

The experts are divided on whether the figures indicate a turning point or whether the first quarter reflects a temporary blip.

If the pace of the first quarter continues, 2015 will end with more than 100 public company bankruptcies. The last time they reached that level was the 106 recorded in 2010, though in 2009 they soared to 211. The median number over the past decade is 86.

Bankruptcy filings, though, are just one measure of corporate distress. Restructuring specialists said many more companies are trying to renegotiate looming debt maturities or loan covenants, particularly energy companies that are hoping oil prices will rebound.

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