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America Is Going Through A Bankruptcy Boom, With June Seeing 75 New Monthly Filings

 Bankruptcy courts are working overtime this year, with corporate America seeing the highest monthly bankruptcy count since 2020. According to S&P Global Market Intelligence, the US recorded 75 new bankruptcies filed by mid-size and large corporations in June. Given ongoing economic pressures, this trend could continue.

So far, in 2024, there have been 346 bankruptcy filings, including 17 cases with liabilities exceeding ~$1B — outstripping any comparable figure from the last 13 years.

The consumer discretionary sector accounted for 55 of these filings — while the healthcare and industrial sectors each had 40.

‘Til debt do us part: S&P Global blames high interest rates, supply chain disruptions, and slowing consumer spending. Many of today’s business failures have their roots in yesterday’s economic environment. Companies like Fisker and RedBox benefited from low interest rates and held billions in debt before their filings. However, there is hope as labor market stabilization and cooling inflation fuel optimism about a possible Federal Reserve interest rate cut in September. 

https://readthejoe.com/economy/america-is-going-through-a-bankruptcy-boom-with-june-seeing-75-new-monthly-filings/

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