Some 459 corporate firms have filed so far this year, already surpassing the 373 in 2022 and 408 in 2021, according to S&P Global figures cited by Insider
Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- The rise of the MEGA bankruptcy: 459 US firms have filed for bankruptcy this year – the most since 2020 – and 16 had more than $1 billion in assets
- Large-scale corporate bankruptcies are at their highest level since 2020 as elevated interest rates continue to batter businesses.
- Economists warn large-scale bankruptcies can have devastating consequences
- Some 459 firms filed for bankruptcy so far this year – already more than in 2021
- Bed Bath and Beyond, trucking firm Yellow and Silicon Valley Bank among the biggest casualties
- David’s Bridal have filed for Chapter 11 bankruptcy thanks to a perfect storm of rampant inflation, high rates and supply-chain disruptions.
- Economists warn the rise in large-scale collapses can have devastating consequences on the economy.
- For example, the demise of trucking firm Yellow – which reportedly had $2.15 billion in assets at its time of filing – reverberated through domestic shipping and real estate markets to Wall Street.
- The rise in bankruptcies coupled with a weakening stock market and surge in credit card delinquencies has sparked fears the US is heading for a recession.
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