Distressed Debt Soars By 29%, Or $66 Billion, In One Week Amid Surge In Bankruptcies
ZeroHedge, Mar 23, 2023 – Excerpt:
The cascade of defaulted regional US banks is blowing out the circulating inventory of distressed debt which expanded by about $65.9 billion last week as US insolvency courts saw six new, large bankruptcy filings, according to data compiled by Bloomberg.
The heap of dollar-denominated corporate bonds and loans in the Americas trading at distressed levels rose to $295.4 billion in the week ended Friday, a 28.7% increase from $229.5 billion a week earlier, Bloomberg-compiled data show.
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In total, there were 48 large bankruptcy filings – those related to at least $50 million of liabilities – this year through March 20. That’s the highest since 2009, which saw 88 large cases through March 20, per Bloomberg-compiled data.
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