Factbox-WeWork joins growing list of US corporate bankruptcies in 2023

By Bansari Mayur Kamdar

(Reuters) -Bankruptcies by U.S. companies jumped amid decades-high interest rates and sticky inflation, with WeWork the latest to succumb after grappling with expensive leases and corporate clients cancelling due to a trend toward employees working from home.

Chapter 11 filings in the first nine months of 2023 have surpassed last year’s total filings, according to data from S&P Global Market Intelligence.

There were 62 corporate bankruptcy petitions in September, the data showed, bringing the year-to-date count to 516, its highest since 2020.

Some notable bankruptcies in 2023 with more than $1 billion in liabilities:

Companies with over Bankruptcy Reason

$1 billion in announcement

liabilities date

WeWork The SoftBank-backed startup

Nov 6 sought bankruptcy protection as its bets

on companies using more of its

office-sharing space soured.

Rite Aid Rite Aid, one of the largest

Oct 15 U.S. pharmacy retailers, filed for

bankruptcy as it came under pressure from

lawsuits alleging it helped fuel the U.S.

opioid crisis

SmileDirectClub Sept 29 The dental products maker voluntarily

filed for Chapter 11 and said it is

seeking more capital through a

transaction where its founders have

committed to invest at least $20 mln.

Amyris Aug 9 The synthetic biotech company filed for

bankruptcy and is planning to sell its

consumer brands to improve the company’s

liquidity position.

Yellow Corp Aug 6 The trucking firm filed for Chapter 11

bankruptcy protection and said it would

wind down, after struggling with a

mounting debt load.

Voyager Aviation July 27 The commercial aircraft leasing company

Holdings sought bankruptcy protection,

concurrently announcing a sale agreement

with an affiliate of Azorra Aviation


Cyxtera Technologies June 4 The data-center operator filed for

bankruptcy as it struggles to pay down

debt and faces funding crunch.

PGX Holdings June 4 PGX filed for bankruptcy as it lost a

court case brought by the CFPB over its

billing for credit repair services.

Incora June 1 The aerospace supplier, formed through

the merger of Wesco and Pattonair, filed

for bankruptcy due to depressed demand

for aircraft maintenance and litigation

over its efforts to restructure its debt

outside of bankruptcy.

Diebold Nixdorf June 1 The ATM maker filed for bankruptcy,

saying it had reached an agreement to

reduce the company’s overall debt by $2.1


Envision Healthcare May 15 The KKR-backed medical staffing firm

filed for bankruptcy, impacted by high

labor costs and a long battle with

insurer UnitedHealth Group.

Kidde-Fenwal May 14 The unit of Carrier Global that

specializes in fire control systems,

filed for bankruptcy, as it buckled under

the weight of lawsuits alleging “forever

chemicals” in its firefighting foam

products have contaminated water sources

around U.S. airports and military bases.

Monitronics May 14 The home security systems provider with

International more than $1 billion in debt due in 2024

filed for bankruptcy a second time to

help implement its restructuring.

Whittaker, Clark & Apr 26 The talc supplier filed for bankruptcy,

Daniels citing a “deluge” of lawsuits alleging

its talc products caused asbestos

exposure and cancer.

Bed Bath & Beyond Apr 23 Bed Bath & Beyond filed for bankruptcy

after the home goods retailer failed to

secure funds to stay afloat.

LTL Management Apr 4 The Johnson & Johnson talc unit filed for

bankruptcy for a second time with the

intent to present a reorganization plan

with a proposed $8.9 billion settlement

to a judge as soon as May 14.

SVB Financial Group Mar 17 SVB Financial Group filed for bankruptcy

to seek buyers for its assets, days after

its former unit Silicon Valley Bank was

taken over by U.S. regulators.

Diamond Sports Group Mar 14 Diamond Sports Group, which provides

local television broadcasts for nearly

half of NBA, NHL and MLB games, filed for

bankruptcy, caught between expensive

broadcast rights agreements and sports

viewers’ cord-cutting habits.

Avaya Feb 14 Avaya filed for bankruptcy and secured a

financing of $780 million as it

restructures its business.

Serta Simmons Bedding Jan 23 Mattress maker Serta Simmons Bedding

filed for bankruptcy in an effort to

eliminate most of its debt.

Party City Holdco Jan 17 The party supplies retailer filed for

bankruptcy, as persistently high

inflation takes a toll on consumer


(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Anil D’Silva, Shounak Dasgupta and Arun Koyyur)