Companies going bankrupt at the fastest pace since 2020 in 'historic surge'

Over 2,000 pounds of frozen chicken products recalled over listeria concerns: USDAThere is a “historic surge” of corporate bankruptcies underway in the U.S., as debt-saddled companies struggle to adjust to the new era of high interest rates. show that 75 companies filed for bankruptcy in June, the highest number recorded in a single month since early 2020 at the height of the COVID-19 pandemic.

The S&P report blamed high interest rates, supply chain issues and slowing consumer spending for the spike in bankruptcies this year. Most investors expect the Fed to begin cutting rates in September or November and are penciling in just one or two reductions this year — a dramatic shift from the start of the year, when they anticipated six rate cuts beginning as soon as March.New figures published by S&P Global Intelligence show that 75 companies filed for bankruptcy in June, the highest number recorded in a single month since early 2020 at the height of the COVID-19 pandemic.

“Fading hopes of lower interest rates are likely contributing to the increase in filings, as companies that may have held out hope for rate cuts at the beginning of the year come to terms with the reality that they will remain higher for longer,” the S&P said at the time.

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