Baldwin Piano & Organ Co. has been part of two bankruptcy filings, including a Chapter 11 filing May 31. Though Baldwin itself hadn't filed for bankruptcy before, Baldwin's former parent company, Baldwin-United Corp., filed for bankruptcy in 1983. The piano manufacturer stayed profitable, and its financial problems are more recent, the company says.

        Other companies involved in multiple bankruptcies and what happened to them:

        • LTV Corp., a steel producer, emerged from bankruptcy in 1993 and moved its headquarters from Dallas to Cleveland. Its reorganization plan included a stock offering and new acquisitions over the next few years. However, the firm filed Chapter 11 again in December and is continuing to operate.

        • Hamilton Foundry & Machine Co., a 126-year-old Harrison foundry, first filed for bankruptcy in 1985 and again in October. Its $1.5 million sale to Harrison Iron Works LLC, a company that includes the foundry's chief financial officer and a Chicago-area financier, was announced in early July.

        • Equitable Bag, a paper and plastic bag manufacturer with a factory in Florence, filed for the first time in October 1994 with $171 million in assets, and it emerged the following December. The company filed for a second time in May 1995 and moved its general offices to the Florence site when it emerged again in 1996.

        Three years later, the Duro Bag Manufacturing Co. of Ludlow acquired the assets of Equitable Bag and continues to operate the Florence plant.

        • Lionel Corp., known for its toy trains, first filed in 1982 with $37 million, followed by another bankruptcy in 1991 with $239 million in assets. The company was liquidated by the end of 1994.

        • Fruit of the Loom, the underwear and clothing maker, filed for bankruptcy in late 1999, after parent company Farley Inc. had already emerged from bankruptcy in 1992. The company moved to the Cayman Islands as part of its reorganization plan and continues to be one of the largest makers of basic apparel for the United States.

        • Trans World Airlines filed for the first time in January 1992, a second time in November 1993 and for a third time in January 2001. As part of the third (“Chapter 33”) bankruptcy filing, TWA — the longest-flying airline in U.S. history — agreed to be acquired by American Airlines.

Play no dirge for Baldwin
       

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