User Tag List

+ Reply to Thread
Results 1 to 2 of 2

Thread: Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009

  1. #1
    Original Ranter
    Points: 859,122, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 90.0%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    496584
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    241,700
    Points
    859,122
    Level
    100
    Thanks Given
    153,223
    Thanked 147,594x in 94,422 Posts
    Mentioned
    2552 Post(s)
    Tagged
    0 Thread(s)

    Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009

    Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009

    Another example of the harm caused by the lockdowns. They never should have exceeded 2-4 weeks.

    In May alone, some 27 companies reporting at least $50 million in liabilities sought court protection from creditors -- the highest number since the Great Recession. They range from well-known U.S. mainstays such as J.C. Penney Co. and J. Crew Group Inc. to air carriers Latam Airlines Group SA and Avianca Holdings, their business decimated as travelers stayed put.

    In May 2009, 29 major companies filed for bankruptcy, according to data compiled by Bloomberg. And year-to-date, there have been 98 bankruptcies filed by companies with at least $50 million in liabilities -- also the highest since 2009, when 142 companies filed in the first four months.


    Few people believe bankruptcies have by any means hit a peak.


    “I think we’re going to continue to see filings of at least the level we’re seeing for a while,”said Melanie Cyganowski, a former bankruptcy judge now with the Otterbourg law firm.


    The wave of insolvencies is seemingly at odds with U.S. credit markets, which are busier than ever: investment-grade corporations were able to cushion their balance sheets by borrowing nearly $1 trillion in the first five months of the year, the fastest pace on record. No such luck for weaker companies. Their revenues have evaporated, straining their ability to keep up with debt payments and all but forcing them to seek refuge in bankruptcy court.
    ΜOΛΩΝ ΛΑΒΕ


  2. The Following 2 Users Say Thank You to Peter1469 For This Useful Post:

    BaghdadBob (09-30-2020),Cotton1 (05-28-2020)

  3. #2
    Original Ranter
    Points: 859,122, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 90.0%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    496584
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    241,700
    Points
    859,122
    Level
    100
    Thanks Given
    153,223
    Thanked 147,594x in 94,422 Posts
    Mentioned
    2552 Post(s)
    Tagged
    0 Thread(s)
    Link no longer works: this one does.

    Big Bankruptcies Sweep the U.S. in Fastest Pace Since May 2009

    This article discusses both Chp 11 and Chp 7 bankruptcies. Figures from May.
    ΜOΛΩΝ ΛΑΒΕ


+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts