Corporate bankruptcy petitions in the U.S. surged last month and first-quarter filings this year reached the highest level since 2010, FOXBusiness reported. S&P Global Market Intelligence reported that it recorded 71 corporate bankruptcies in March, marking the fourth straight month of increases and the highest monthly tally since July 2020. In the first three months of 2023, 183 major companies announced bankruptcies, S&P Global said, which is the greatest total for the period in the past dozen years. The analysts included both public and private firms with public debt that had at least $2 million in assets or liabilities at the time of filing, as well as private companies reporting at least $10 million in assets or liabilities. The sectors hardest hit so far this year have been consumer discretionary with 23 filings, followed by financials and health care, both with 14 bankruptcies. Another 13 companies filed in the industrials sector, and eight filed both in the energy and information technology segments. Several prominent firms went under or sought protection to reorganize in March, most notably Silicon Valley Bank. It is so far the largest bankruptcy of 2023, followed by Sinclair Broadcasting Group's regional sports business Diamond Sports Group, Avaya Inc., Serta Simmons Bedding and Party City — all of which listed liabilities in the billions of dollars.
