Propelled by the bankruptcy of Silicon Valley Bank’s parent SVB Financial Group and other deals, U.S. bankruptcies jumped in March to the highest level in three years, in a sign of a cooling economy.
S&P Global Market Intelligence reported 71 U.S. bankruptcy filings in March, up from 58 in February and more than double the year-ago March total of 33. It’s also the highest month since 74 bankruptcies in July of 2020 early in the coronavirus pandemic.
With March included, the first-quarter bankruptcy total came to 183, which is more than any comparable period in the past 12 years, S&P said in a report.
SVB Financial Group SIVBQ,
Sinclair Broadcast Group Inc.’s SBGI,
Other major companies to file for bankruptcy court protection from creditors this year include undefined PRTYQ,
Consumer discretionary currently ranks as the sector with the most bankruptcies so far this year, but the financial sector’s increase in filings has brought it into a second-place tie with the healthcare sector, with 14 each.
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