Jakarta, CNBC Indonesia – A total of 46 companies in the United States with a total value of US $ 46 billion filed for bankruptcy, a value far greater than it has ever been.
Quoted from Business Insider on Sunday (23/8/2020), this incident was indeed the result of the Covid-19 pandemic which collapsed all economic sectors in various parts of the world.
In fact, the value of companies filing for bankruptcy this time was recorded to be worse than the financial crisis in 2009. At that time, at least the company that filed for bankruptcy was worth US $ 38 billion. broke.
Meanwhile, as many as 157 companies with an obligation value of US $ 50 million also filed for bankruptcy this year. The firms include 24 retail companies such as JCPenney, Brooks Brothers, and Neiman Marcus, all of which have sought protection from creditors in recent months.
Not only that, big oil and gas companies were also affected. There were 33 submissions in the industry this year, including Chesapeake Energy, Whiting Petroleum, and Diamond Offshore Drilling.
“This will be a bumpy journey,” said head of operations New Generation Research Ben Schlapman told the Financial Times, as quoted by Business Insider.
“We are in the first half of this bankruptcy cycle. It will spread deep throughout the industry as we enter into a deeper crisis,” he said.
Apart from that, there were also small scale bankruptcies this year. A total of 424 companies declared bankruptcy as of August 9, according to S&P Global’s analysis of public companies and private companies with public debt.
The surge in corporate bankruptcies came as a shock as the Federal Reserve and the Treasury Department have taken unprecedented steps to shore up markets and shore up the economy in recent months. Their efforts range from buying corporate bonds to bailing out airlines and delivering stimulus packages.
(wia / wia)
– .
