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US corporate bankruptcies grow by 25 in last 2 weeks

U.S. corporate bankruptcies continue to climb during the coronavirus pandemic as 25 new companies in the last two weeks joined a growing list of bankruptcies in 2020, according to an S&P Global Market Intelligence analysis.

A total of 492 companies have entered bankruptcy proceedings as of Sept. 20. The number 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 at least $2 million. Private companies without public debt must report at least $10 million in either assets or liabilities at the time of filing.

Companies that went bankrupt between Sept. 8 and Sept. 20 include iQor Holdings Inc., which offers support and outsourcing solutions, department store operator Century 21 Department Stores LLC, prototyping 3D-printer maker Larimer Skyview Inc., Flywheel Sports Inc., which provides stadium cycling and precision training services, and healthcare company Treatment Management Co. LLC.

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Century 21 filed a voluntary Chapter 11 petition Sept. 10, listing both its assets and liabilities in the range of $100 million to $500 million. Georgia-based Treatment Management, which operates treatment centers for alcohol and drug addiction, also filed a voluntary Chapter 11 petition.

IQor Holdings was the only company that reported more than $1 billion in liabilities in its bankruptcy filing during the period.

Market Intelligence removed three companies from the current list of year-to-date bankruptcies after discovering that their total assets and liabilities do not meet the threshold requirement for inclusion.

Meanwhile, Briggs & Stratton Corp. was removed from the list of largest bankruptcies after its liabilities were updated to $691.29 million.

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