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US corporate bankruptcies continue to mount amid coronavirus, but at slower pace

U.S. corporate bankruptcies continue to pile up amid the coronavirus pandemic but at a rate that continues to slow down from earlier in the crisis.

Twenty companies joined the list of bankruptcies in the last two weeks, according to an S&P Global Market Intelligence analysis. This is slightly below the number of filings in comparable periods since August when Market Intelligence began tracking the bankruptcies. In previous two-week periods, bankruptcies numbered as high as 31 or 25. In the prior edition of this tracker, published Oct. 5, 22 bankruptcies occurred over two weeks.

A total of 527 companies have entered bankruptcy proceedings in 2020 as of Oct. 18. The year-to-date count continues to trend higher than comparable levels since 2010.

Market Intelligence's analysis is limited to public companies or private companies with public debt where either assets or liabilities at the time of the bankruptcy filing are greater than or equal to $2 million or private companies where either assets or liabilities at the time of filing are greater than or equal to $10 million.

Companies including YogaWorks Inc., NinePoint Medical Inc. and MD America Energy LLC declared bankruptcy between Oct. 5 and Oct. 18. Most of the companies that went bankrupt during this period sought bankruptcy protection voluntarily, but none listed more than $1 billion in liabilities.

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Medical device company NinePoint Medical filed for Chapter 11 bankruptcy protection Oct. 16. The company listed assets of $1 million to $10 million and liabilities of $10 million to $50 million.

Great Hill Partners LP-backed YogaWorks, which operates yoga studios, filed a voluntary Chapter 11 petition on Oct. 14. As part of the bankruptcy process, the company agreed to sell its digital and education business and intellectual property to Serene Investment Management LLC.

Texas-based oil and gas company MD America Energy filed a voluntary petition for reorganization under Chapter 11 on Oct. 12. The company listed its assets of $50 million to $100 million and liabilities of $100 million to $500 million.

Editor's note: This Data Dispatch is updated on a bi-weekly basis and the last edition was published Oct. 5. Click here to download the charts.

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