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.
They should have saved for a rainy day...
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump: US intel did not find Russian bounty report 'credible' - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. That's not what US intelligence said. Hm. Trust people working for the country... or Trump, a pathological liar. Hmmmmmm... guys... this is a toughy. Really bored with Fake news from media.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trump was briefed on suspected Russian bounties on US troops, according to two reports - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. So, REPUBLICANS say we should believe Trump that he didn't know? Fake news. Hate of orange man can’t be the only reason you peddle these conspiracy theories...... You literally are not believable
Source: BusinessInsider - 🏆 729. / 51 Read more »
Fed's Powell says US recovery faster than expected, faces virus risks - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How are we defining “the economy”? 40Million people are unemployed. Imprimiendo dolar, vendiendo y comprando bonos y otros fundos de resgate? Mais de 40 milhões de pessoas foram no desemprego tio
Source: BusinessInsider - 🏆 729. / 51 Read more »
US consumer confidence jumps most since 2011 as the economy reopens - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Highest death toll in world and USA economy reopens. Second wave on its way. COVID19 The guy in the photo doesn't look too confident.... Thank you realDonaldTrump!
Source: BusinessInsider - 🏆 729. / 51 Read more »
Fauci says US could see 100,000 new coronavirus cases per day - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Do you fear Covid? I wish he wouldn’t make these types of extreme comments that gives the science deniers something to twist into a talking point. The reason why Trump doesn’t care is because he modeled 2M will die and anything less than that makes trump think we are winning. Know your audience!
Source: BusinessInsider - 🏆 729. / 51 Read more »