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Corporate Bankruptcies and the Restructuring Solution
In January 2023 alone, three well-known U.S. retailers filed for Chapter 11 or announced they were preparing to file, citing the slowing economy, rising interest rates, supply chain issues and increased competition, among other issues. The recent, big-name Chapter 11 filings have brought to the light the importance of insurance solutions for companies in financial distress, as companies in this situation face oftentimes new and uncharted issues such as deal facilitation, collateral options to support loss sensitive programs, close out transactions, personal asset protection, D&O insurance, surety & performance bonds and workers compensation, among others.
Key Indicators of Future Filings
Bonds trading at distressed levels are just one indicator of future Chapter 11 filings. According to S&P Global, the recent rapid increase in at-risk credits (ARCs) is one indicator to keep an eye on. ARCs are U.S. TRACE-traded bonds that are not in default, with prices that generate yields of more than 10%. ARCs are a relatively observable indicator of distress in the marketplace, so the number count and the dollar amount are the tip of the iceberg of financial distress, according to the credit rating agency.
Deteriorating credit ratings and stock prices are also indicators, though more micro than macro. Higher real interest rates and tighter bank lending standards may also signal more Chapter 11 filings on the way.
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