* "Prepackaged" bankruptcies have tripled since 2008

* Prepackaged filings represent some $124 bln in assets

* CIT is largest prepackaged bankruptcy ever

By Emily Chasan

NEW YORK, Nov 9 (Reuters) - The number of so-called "prepackaged" bankruptcy filings has tripled this year, as troubled companies increasingly try to work out issues with creditors before bankruptcy, a study showed on Monday.

The number of prepackaged bankruptcies has risen to 30 so far in 2009, compared with just 10 in the same period in 2008, according to an analysis from BankruptcyData.com.

"The days of long, protracted 'traditional' chapter 11 filings seemed to have gone the way of more out-of-court or pre-negotiated filings, Jeffery Stegenga, a managing director at turnaround advisory firm Alvarez & Marsal said in a statement. "The costs under Chapter 11 protection are simply too great and, in many cases, the overall process is too disruptive."

In a prepackaged bankruptcy, companies and their creditors agree on a reorganization plan prior to the bankruptcy filing and creditors have even voted on the plan. In a pre-negotiated bankruptcy creditors are able to agree on some aspects of a plan, but it is not as formal as a "prepack." The multi-year traditional bankruptcy is now often referred to as a "free fall."

Led by companies such as CIT Group Inc (CITGQ.PK: Quote, Profile, Research), Charter Communications Inc (CHTRQ.PK: Quote, Profile, Research), Lear Corp LEA_w.N and Six Flags Inc (SIXFQ.OB: Quote, Profile, Research), the 30 prepackaged bankruptcies in 2009 represent some $124 billion in assets, BankruptcyData.com said.