Corporate bankruptcies have hit the highest number since 2010, according to a report by S&P Global Market Intelligence. S&Ps numbers show 340 bankruptcies during the first 6 months of 2023. Back in 2010 that number was 468.
The report points to several notable filers including Lordstown Motors which filed for bankruptcy protection last month as it seeks a buyer. Lordstown was launched with fanfare in Ohio as a new entrant in the EV sector but the company was never able to get things going in the right direction.
Instant Brands Acquisition Holdings Inc. is another firm that went bust, filing last month.
S&P says that 15 companies filed with over $1 billion in liabilities with four billion dollar firms filing in June.
Consumer discretionary generated the most bankruptcy filings.
While 6 months does not make a year things could get better – or worse.
