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WeWork Inc.’s bankruptcy tipped the scales as the largest restructuring during a relatively quiet November, according to S&P Global Market Intelligence.
A total of 34 companies filed for bankruptcy in the U.S. in November, marking the lowest monthly total since November 2022, when 29 deals were filed.
Bankruptcy filings dipped in November to their lowest monthly total since late 2022, after brisk activity earlier in the year.
S&P Global Market Intelligence
“November’s total signaled a marked departure from the general trend of elevated monthly filings seen throughout 2023 and was more in line with 2021 and 2022 levels,” S&P said.
WeWork
WEWKQ,
was the only bankruptcy to exceed the $1 billion mark for the month. However, WeWork is the 21st to exceed $1 billion for the year.
Also read: Bankrupt WeWork’s stock pulls back, continuing rollercoaster ride
Anagram Holdings LLC’s restructuring was valued in the $100 million to $500 million range, while Magna Imperio Systems Corp. was valued in the $50 million to $100 million range.
All other bankruptcies were less than $50 million.
The industrials sector accounted for nearly a third of November’s total bankruptcies with 11 filings, bringing the sector’s year-to-date total to 75.
Consumer discretionary led the sector list with 76 filings, including four in November, and four from the healthcare sector.
With 691 bankruptcies so far in 2023, the year’s tally is the largest since 2020, but will likely fall short of 2010’s total of 827.
S&P Global Market Intelligence
S&P only includes public or private companies with at least $2 million or more in assets or liabilities in its bankruptcy numbers.
