Big Bankruptcies
10/23/2023 |
Chapter 11 bankruptcies among firms with assets exceeding $100 million have tripled in 23H1 compared to 22H1, and mega bankruptcies, meaning bankruptcies of firms with assets exceeding $1 billion such as Bed Bath & Beyond, and Yellow Corporation, reached 16 in 23H1, easily surpassing the comparable half-year average of 11 from 2005 through 2022. In many cases it is rising rates that is the cause, and that’s precisely the point.