US corporate bankruptcies decline in April to lowest monthly total in 2026

The number of US corporate bankruptcies fell in April from the previous month.

Monthly bankruptcy filings among large companies decreased to 50 in April from 70 in March, according to S&P Global Market Intelligence data. The data covers companies with public debt and at least $2 million in assets or liabilities, and private companies with at least $10 million in assets or liabilities at the time of filing.

The April bankruptcy total was the lowest monthly figure since mid-2024, and total filings for the first four months of the year declined to 229 from 242 in the same period in 2025. However, the trajectory of bankruptcy cases could rise in the coming months due to inflationary pressures, elevated fuel prices and other macroeconomic uncertainties, largely related to the Middle East war.

"We haven't seen a barrage of major Chapter 11 bankruptcy cases filed, and I think right now we are in this calm before the storm period," Andrew Glenn, managing partner at Glenn Agre Bergman & Fuentes, said in an interview. "From my assessment, the macroeconomic factors have still not resulted in the next wave of big filings."

Glenn said significantly more in-court restructuring activity could occur in the second half of the year.

Elevated interest rates have also weighed on highly leveraged companies and this pressure could continue as the Federal Reserve considers keep rates unchanged this year amid renewed inflation risks.

Additionally, lingering concerns in the private credit market may influence bankruptcy activity in the coming months. Market participants continue to scrutinize private-credit-linked bankruptcies, a sell-off in credit‑exposed software stocks earlier this year and recent changes to fund redemption terms adopted by a large private credit manager after an influx of withdrawal requests.

"Once there are withdrawals from private credit funds and market liquidity dries up, you're going to see more in-court restructuring activity," Glenn said. "What you are going to see as time goes on is less liquidity, more demand for financial and operational restructurings and more in-court activity as a result."

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Notable filings

QVC Group Inc. was the only company to file for bankruptcy in April, with more than $1 billion in liabilities at the time of filing.

The company, known for its television shopping channels, filed for bankruptcy on April 16 and will continue normal operations while pursuing a financial restructuring plan. QVC said it is positioned to grow its business through its expanding online and social media presence.

Ascend Elements Inc., which also filed for bankruptcy in April with more than $1 billion in assets at the time of filing, marked another large bankruptcy during the month.

The battery materials recycler and producer said its decision to file for bankruptcy was prompted by near-term liquidity constraints, project timing mismatches, battery market volatility and construction delays and cost overruns at its proposed Kentucky facility, according to a court filing. The company also began marketing its assets for sale.

Sector breakdown

There were seven bankruptcies in the industrials sector and four in the consumer discretionary sector in April, the highest number of filings by sector.

The industrials and consumer discretionary sectors had a combined 61 filings this year through the end of April.

This Data Dispatch is updated regularly. The previous edition was published April 7.

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.