[NEW YORK] Large US companies filed bankruptcy at the fastest rate in 15 years to the first three months of 2025, S&P Global Market Intelligence said on Thursday (Apr 10).
A total of 188 bankruptcies were filed by large companies to March, the most since 254 such filings were made over the first three months of 2010, S&P said in a report. Last year, 139 large corporate bankruptcies were filed over the same three-month time period.
Companies that sought court protection in March include the owner of Forever 21’s US retail operator, Canada’s Mitel Networks and film producer Village Roadshow Entertainment Group. Genetics testing firm 23andMe and dining chain Hooters of America also went bankrupt last month.
“Companies, particularly those with weaker balance sheets, continue to face challenges as debt matures and needs to be refinanced at higher interest rates than at the time of issuance,” S&P said.
The high rate of filings follows an increase in corporate bankruptcies in the past few years. The number of companies filing repeat bankruptcies in 2023 and 2024 was the most over a two year span since 2020, Bloomberg News previously reported. BLOOMBERG
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