There 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.
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. That pushed this year’s total number of bankruptcies so far to 346, which is notably higher than comparable levels seen in the past 13 years.
Before this, the highest half-year figure recorded was in 2010, with 437 companies filing for bankruptcy from January through June.