There were more U.S. bankruptcy filings in 2020 than in any year since the global financial crisis, but the number of bankruptcy filings in the first half of 2021 returned closer to historical levels, according to a new report from Cornerstone Research. The report, entitled “Trends in Large Corporate Bankruptcy and Financial Distress: Midyear 2021 Update,” looks at bankruptcy filings involving private and public companies with assets over $100 million. The report can be found here, and Cornerstone Research’s August 25, 2021 press release about the report can be found here.
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Cornerstone Research: Business Bankruptcies Up Significantly in Year’s First Nine Months
Due to the financial fallout from the COVID-19 pandemic, the number of U.S. bankruptcy filings by companies with over $100 million in assets was 84 percent higher during the first three quarters of 2020 compared to the same period last year, according to a new report from Cornerstone Research. The report, entitled “Trends in Large Corporate Bankruptcy and Financial Distress: 2005-Q3 2020” (here), shows that the increase in the number of bankruptcies was particularly pronounced for “mega bankruptcies” (involving companies with over $1 billion in reported assets). However, the report also suggests that the number of bankruptcy filings by companies with over $100 million in assets may have peaked in July. Cornerstone Research’s October 28, 2020 press release about the report can be found here.
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