Vice Media filed for Chapter 11 bankruptcy this week—joining seven large bankruptcies on Sunday and Monday.
- Highly Unusual: If the pace in the second half of this month matches the first half, May will tally the highest monthly total of large bankruptcies so far this year.
- Filings in Q1 had already jumped to their highest point since the bout of distress at the start of the pandemic.
A bankruptcy blitz is sure to continue…
- Last year the Fed embarked on one of the steepest and fastest rate-hiking campaigns in history—and the consequences are starting to hit.
- S&P Global forecasts that the U.S. default rate will rise to 4.25% by the beginning of next year — from 2.5% currently — or, to 6.5% if there’s a serious recession.