Bankruptcy Q3 Supplement – Free Download
Credit markets remained open to lower-rated high-yield borrowers in the third quarter, helping drive down the number of Chapter 11 petitions filed by U.S. businesses. Easier credit conditions in the commercial real estate debt markets also helped reduce the number of real estate bankruptcies.
For bankruptcy practitioners, the most notable filing of the third quarter likely was Detroit’s historic Chapter 9 case. The Michigan city – one of four petitions from a local government in the quarter – listed $18 billion of debt and has been arguing for its right to file for bankruptcy since July.
Eleven foreign companies looked to protect their assets in the U.S. through Chapter 15 petitions, bringing the total to 28 for the first three quarters.
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