There were 54 corporate bankruptcy petitions in May compared with 52 in
April, according to S&P Global, with the year-to-date count more than doubling
to 286 from a year earlier.
Consumer discretionary companies reported a higher number of bankruptcies than any other sector in 2023, according to S&P Global, while industrials sector also saw a sharp uptick with eight companies including Monitronics filing for bankruptcy in May.
Vice Media, was the latest victim in the communication services sector as a
weak advertising market hits tech and news media companies.
Company Bankruptcy Reason
announcement
date
The KKR & Co Inc-backed Envision Healthcare May 15 medical staffing firm filed for bankruptcy protection, impacted by high labor costs and a long battle with insurer UnitedHealth Group for the past few years.
The subsidiary of Carrier Kidde-Fenwal May 14 Global that specializes in fire control systems, filed for bankruptcy, as it buckles 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.
The home security systems Monitronics May 14 provider with more than $1 billion in International debt due in 2024 filed for
bankruptcy a second time to help implement its restructuring.
Apr 26 The talc supplier filed for Whittaker, Clark & bankruptcy protection, citing a Daniels "deluge" of lawsuits alleging that its talc products caused asbestos exposure and cancer. Bed Apr 23 Bed Bath & Beyond filed for Bath & Beyond bankruptcy protection after the home goods retailer failed to secure funds to stay afloat. LTL Apr 4 The Johnson & Johnson talc subsidiary Management filed for bankruptcy protection 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 Mar 17 SVB Financial Group filed for Financial Group bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. Diamond Mar 14 Diamond Sports Group, which provides Sports Group local television broadcasts for nearly half of NBA, NHL and MLB games, filed for bankruptcy protection, 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 business. Serta Jan 23 Mattress maker Serta Simmons Bedding Simmons Bedding filed for bankruptcy protection in an effort to eliminate most of its debt. Party Jan 17 The party supplies retailer filed for City Holdco bankruptcy protection, as persistently high inflation takes a toll on consumer spending. Source: S&P Global Market Intelligence, Refinitiv Eikon <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ U.S. corporate bankruptcy filings highest since 2010 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'Silva and Vinay Dwivedi)
