US corporate bankruptcies crept higher in May over the prior month as higher interest rates and a slowing economy are pushing many companies over the edge.
S&P Global Market Intelligence recorded 54 corporate bankruptcy filings during May, a slight rise from 52 April. In the first five months of the year, 2023 has recorded more filings than any comparable period since 2010.
Vice Group Holdings Inc. and affiliates, including Vice Media LLC, filed for bankruptcy May 15. A group of creditors plans to buy Vice Media for about $225 million as it continues to operate during the bankruptcy process.
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Monitronics International Inc., the parent company of Brinks Home Security, filed for bankruptcy protection May 14. The company announced on May 8 that it entered into a restructuring agreement with lenders holding more than three-quarters of its debt and that the plan would reduce its debt load by about $500 million.
Monitronics previously completed a restructuring in 2019 after filing for bankruptcy.
In May, Monitronics and two more companies joined the ranks of those entering bankruptcy with more than $1 billion in liabilities, bringing 2023's tally of such filings to 11.
Consumer discretionary companies continue to lead other sectors with 37 bankruptcy filings so far in 2023, according to Market Intelligence data.
The industrials sector also registered a notable uptick, with Monitronics and seven other companies filing for bankruptcy in May.
This Data Dispatch is updated on a regular basis. The last edition was published May 4.
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.