US corporate bankruptcies ease in November yet 2025 filings set 15-year high

Large US corporate bankruptcy filings fell in November to the lowest monthly total since April, but bankruptcies in 2025 have already reached a 15-year high with one month still remaining in the year.

Monthly bankruptcy filings declined to 63 in November from 68 in October, according to S&P Global Market Intelligence data. This marked the lowest monthly volume since April, when 56 filings were recorded. The data covers companies with public debt and at least $2 million in assets or liabilities, as well as private companies with at least $10 million in assets or liabilities at the time of filing.

Filings this year totaled 717 through November, surpassing the 2024 full-year total of 687. The total through the first 11 months of 2025 is already the highest annual level of large US corporate bankruptcies since 2010, when 828 were filed for the full year.

Firms with weaker credit profiles have struggled to manage the higher costs of maturing debt obligations and refinancing needs over the last two years amid elevated interest rates. A large share of the debt obligations coming due this year was issued when interest rates were much lower, particularly during the COVID-19 pandemic. Similarly, interest rates were low throughout most of the 2010s in the aftermath of the Great Financial Crisis.

The US Federal Reserve cut its benchmark policy interest rate by 50 basis points this year to a range of 3.75% to 4.00% by the end of November, with another cut expected in December. However, this compares to rates near zero from 2009 to 2016 and again from mid-2020 to early 2022.

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Risks underlie strong credit outlook

Still, overall credit conditions for North American borrowers appear favorable in 2026, with corporate bond credit spreads near historic lows, expectations for contained default rates and adequate refinancing progress observed among speculative-grade borrowers with credit ratings below BBB-, according to a Dec. 2 S&P Global Ratings report.

However, potential weakness in consumer purchasing power, wage growth and employment trends could pressure credit conditions, Ratings said. Refinancing pressure is also comparatively higher for riskier speculative-grade companies rated CCC and below, which face $45.3 billion in maturing debt due in 2026 compared with $21.2 billion in debt due for companies rated B-, according to a separate Ratings report released Nov. 26.

The option-adjusted spread of the S&P US High Yield Corporate Bond Index closed at 273 bps on Dec. 2, S&P Dow Jones Indices data shows. The spread has traded within a range of 260 bps to 300 bps since early June, slightly above the 10-year low of 241 bps recorded in January.

The index tracks corporate bond debt issued by speculative-grade companies. Spreads measure risk premiums for bonds relative to US Treasurys, with tighter spreads typically indicating lower perceived risk and higher bond prices.

Notable filings

Two companies entered bankruptcy proceedings in November with more than $1 billion in both assets and liabilities at the time of filing.

Pine Gate Renewables LLC filed for bankruptcy Nov. 6 and plans to sell its assets and business operations during the process. The renewable energy project developer and operator secured financing commitments from a group of current lenders to support ongoing operations during the process, according to a company statement.

Specialty apartment and hotel developer Sonder Holdings Inc. entered bankruptcy liquidation proceedings in November to close its operations. The company said it was unable to overcome financial constraints related to prolonged challenges it faced integrating its systems with Marriott International Inc. under a licensing agreement.

Marriott International said its agreement with Sonder Holdings was no longer in effect due to Sonder's default.

Sector breakdown

Bankruptcies were concentrated in the industrials and consumer discretionary sectors in November and through the first 11 months of the year.

At least 11 large companies in the industrial sector filed for bankruptcy in November, bringing the year-to-date total to 110. The consumer discretionary sector followed, with five filings in November and 85 year-to-date. Sonder Holdings was among the consumer discretionary sector bankruptcies in November.

Within the consumer space, there were three additional bankruptcies in the consumer staples sector.

Pine Gate Renewables was the only large utilities company to file for bankruptcy.

This Data Dispatch is updated regularly. The previous edition was published Nov. 13.

Bankruptcy figures include public companies or private companies with public debt with a minimum of $2 million in assets or liabilities at the time of filing, in addition to private companies with at least $10 million in assets or liabilities. S&P Global Market Intelligence may remove companies from this list if it discovers that their total assets and liabilities do not meet the threshold requirement for inclusion.

This report may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this report were not prepared by S&P Global Ratings