Airline, media and auto co's risk bankruptcy-study

* Bankruptcy more likely for airlines, media, autos

* Rite Aid, Sirius, AMR, Federal Mogul seen at risk

By Emily Chasan

NEW YORK, Sept 16 (Reuters) - U.S. companies in the airline, automobile, television and publishing industries are about four times more likely to file for bankruptcy in the next year than companies in other industries, according to a study.

The study by Audit Integrity, which usually analyzes accounting risks, used a quantitative model to track liquidity, debt levels, profitability, market prices and governance and fraud risk measures at more than 2,500 companies.

Bankruptcy filings have jumped sharply in the past year.

"Even if we're coming out of the recession, companies have been substantially weakened," Audit Integrity Chief Executive Jack Zwingli said in an interview.

"The concern was that the economic environment had changed and the risks on company balance sheets have changed."

Zwingli said investors needed new models to detect bankruptcy risk as the combination of the U.S. recession and more complex corporate debt structures meant that bankruptcy could now happen with little advance warning.

Among companies with more than $1 billion in market capitalization, the study showed that No. 3 U.S. drugstore chain Rite Aid Corp (RAD.N) was most at risk of bankruptcy in the next year. The study gave the company about a 10.5 percent chance of filing for bankruptcy in the next 12 months.

Despite a recent investment deal, satellite radio operator Sirius XM Radio Inc (SIRI.O), was second on the study's bankruptcy risk list, with about a 9 percent risk of filing for bankruptcy in the next year.

Both Sirius and Rite Aid are struggling with heavy debt loads stemming from recent acquisitions.

Sirius acquired XM Radio in 2007 while Rite Aid acquired the Brooks and Eckerd drugstore chains in the same year.

Representatives from Rite Aid and Sirius were not immediately available to comment on the study.

To test its model, Audit Integrity also applied it retroactively to companies that recently declared bankruptcy.

Companies such as Smurfit Stone Container Corp SSCCQ.PK, BearingPoint Inc BGPTQ.PK, Tronox Inc TRXAQ.PK, Trump Entertainment Resorts TRMPQ.PK and Circuit City Stores all scored a 99 on Audit Integrity's bankruptcy measure, which would translate to about a 10 percent risk of filing for bankruptcy.

Rite Aid and Sirius both scored a 98 on Audit Integrity's bankruptcy risk scale.

According to the study, companies that filed for bankruptcy in the past year typically scored between 84 and 99 on the company's measure, with the notable exception of Lyondell Chemical Co [ACCELC.UL], which scored a 51.

Lyondell creditors said they were shocked by the bankruptcy filing in January when the company suddenly ran out of cash.

The study showed that American Airlines parent AMR Corp AMR.N had an 8.7 percent risk of bankruptcy in the next year, while auto parts supplier Federal Mogul Corp (FDML.O) had an 8.6 percent risk. It put the chance of a bankruptcy at manufacturer Textron Inc (TXT.N) at a 7 percent.

Goodyear Tire & Rubber Co (GT.N) has about a 6.9 percent chance of bankruptcy according to the study, while Continental Airlines CAL.N was given a 6.6 percent chance.

Rounding out the top 10 were media and entertainment companies CBS Corp (CBS.N), Las Vegas Sands (LVS.N) and Liberty Media Corp LCAPA.O with a 6.2, 5.9 and 5.6 percent chance of bankruptcy, respectively, according to the study. (Reporting by Emily Chasan; Editing by Ted Kerr)