Factbox-US corporate bankruptcies set for highest level since 2020

By Bansari Mayur Kamdar

(Reuters) -Bankruptcy filings by U.S. companies this year are on track to hit their highest since the pandemic, amid high interest rates and sticky inflation, with WeWork being the latest to succumb after grappling with expensive leases and work-from-home trends.

There were 34 corporate bankruptcy petitions in November, according to data from S&P Global Market Intelligence, bringing the year-to-date count to 591, the highest since 2020.

November saw the lowest number of bankruptcy filings in a year, S&P Global added, easing from a revised tally of 49 in October.

WeWork is the latest company with over $1 billion in liabilities to seek bankruptcy protection, bringing the year-to-date total of filings from firm with debts as big to 21. The companies buckled under the weight of economic headwinds as well as a tight domestic labor market.

Notable bankruptcies in 2023:

Companies with over $1 Bankruptcy Reason

billion in liabilities announcement


WeWork Nov 6 The SoftBank Group-backed

startup sought bankruptcy

protection after its bets on

companies using more of its

office-sharing space soured.

Air Methods Oct 24 The private equity-owned medical

helicopter company filed for

bankruptcy after saying its

business had suffered due to

rising interest rates, higher

labor costs and a recent U.S.

ban on “surprise” medical bills.

Akumin Oct 22 The radiology provider filed for

bankruptcy and went private in a

deal with Stonepeak Partners.

Rite Aid Oct 15 One of the largest U.S. pharmacy

retailers filed for bankruptcy

as it came under pressure from

lawsuits alleging that the

drugstore chain helped fuel the

opioid crisis in the U.S.

MVK FarmCo Oct 13 The largest producer of stone

fruit in North America, doing

business as Prima Wawona, filed

for bankruptcy, citing

significant headwinds, including

increased costs and

weather-related impacts.

SmileDirectClub Sept 29 The dental products maker

voluntarily filed for Chapter 11

and said it is seeking more

capital through a transaction

where its founders have

committed to invest at least $20


Amyris Aug 9 The synthetic biotech company

filed for bankruptcy and is

planning to sell its consumer

brands to improve the company’s

liquidity position.

Yellow Corp Aug 6 The trucking firm filed for

Chapter 11 bankruptcy protection

and said it would wind down,

after struggling with a mounting

debt load.

Voyager Aviation Holdings July 27 The commercial aircraft leasing

company sought bankruptcy

protection, concurrently

announcing a sale agreement with

an affiliate of Azorra Aviation


Cyxtera Technologies June 4 The data-center operator filed

for bankruptcy as it struggles

to pay down debt and faces

funding crunch.

PGX Holdings June 4 PGX filed for bankruptcy as it

lost a court case brought by the

CFPB over its billing for credit

repair services.

Incora June 1 The aerospace supplier, formed

through the merger of Wesco and

Pattonair, filed for bankruptcy

due to depressed demand for

aircraft maintenance and

litigation over its efforts to

restructure its debt outside of


Diebold Nixdorf June 1 The ATM maker filed for

bankruptcy, saying it had

reached an agreement to reduce

the company’s overall debt by

$2.1 billion.

Envision Healthcare May 15 The KKR & Co Inc-backed medical

staffing firm filed for

bankruptcy, impacted by high

labor costs and a long battle

with insurer UnitedHealth Group.

Kidde-Fenwal May 14 The unit of Carrier Global that

specializes in fire control

systems, filed for bankruptcy,

as it buckled under the weight

of lawsuits alleging that

“forever chemicals” in its

firefighting foam products have

contaminated water sources

around U.S. airports and

military bases.

Monitronics International May 14 The home security systems

provider with more than $1

billion in debt due in 2024

filed for bankruptcy a second

time to help implement its


Whittaker, Clark & April 26 The talc supplier filed for

Daniels bankruptcy, citing a “deluge” of

lawsuits alleging its talc

products caused asbestos

exposure and cancer.

Bed Bath & Beyond April 23 Bed Bath & Beyond filed for

bankruptcy after the home goods

retailer failed to secure funds

to stay afloat.

LTL Management April 4 The Johnson & Johnson talc unit

filed for bankruptcy for a

second time with the intent to

present a reorganization plan

with a proposed $8.9 billion

settlement to a judge as soon as

May 14.

SVB Financial Group March 17 SVB Financial Group filed for

bankruptcy to seek buyers for

its assets, days after its

former unit Silicon Valley Bank

was taken over by U.S.


Diamond Sports Group March 14 Diamond Sports Group, which

provides local television

broadcasts for nearly half of

NBA, NHL and MLB games, filed

for bankruptcy, caught between

expensive broadcast rights

agreements and sports viewers’

cord-cutting habits.

Avaya Feb 14 Avaya filed for bankruptcy and

secured a financing of $780

million as it restructures its


Serta Simmons Bedding Jan 23 Mattress maker Serta Simmons

Bedding filed for bankruptcy in

an effort to eliminate most of

its debt.

Party City Holdco Jan 17 The party supplies retailer

filed for bankruptcy, as

persistently high inflation

takes a toll on consumer


(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta, Arun Koyyur, Anil D’Silva and Shinjini Ganguli)

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