Business bankruptcies have fallen to all-time lows this year thanks in part to a flood of cash that keeps businesses afloat during the COVID-19 pandemic, according to S&P Global Market Intelligence report.
Thirty companies filed for bankruptcy in October, down slightly from 32 filings in September. In the first 10 months of this year, 364 business bankruptcy cases were filed, down from the previous 11 years, according to the report released on Nov. 8.
Fourteen healthcare companies have filed for bankruptcy this year, including two in October, according to the S&P report. Sixty-one consumer discretionary firms went bankrupt this year, the most of any industry.
In line with trends in the healthcare industry, hospital bankruptcies have declined sharply this year. More than 25 hospitals went bankrupt last year, and only a few filed for Chapter 11 bankruptcy this year.
The S&P report includes information on private companies with assets or liabilities of at least $ 10 million at the time of filing and public or private companies with public debt of at least $ 2 million. assets or liabilities at the time of filing.
Read the full report here.