US companies are filing for Chapter 11 bankruptcy at the fastest pace since 2013, theYear-to-date filings reached 3,427 on June 24, bringing the metric close to the 3,491 filings made in the first half of 2008.
Firms across a range of industries have entered insolvency, from car-rental chain Hertz to circus company Cirque du Soleil.The coronavirus' economic fallout is fueling Chapter 11 bankruptcy filings at the fastest pace since 2013, theUS filings totaled 3,427 on June 24, according to data from Epiq seen by the Times. The reading also closes in on the financial-crisis reading of 3,491 companies entering bankruptcy in the first half of 2008.
The coronavirus pandemic attacked corporate income on all fronts through the start of the year. The outbreak initially tore into global supply chains and firms with exposure to China as the country issued strict lockdowns. As the virus spread across the rest of the world, quarantine orders stifled consumer spending and manufacturing activity. Companies were forced into months of frozen revenue streams.
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They should have saved for a rainy day...
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