Corporate Bankruptcies Rose Dramatically in Q1

It was the highest number since 2010.

By Philippa Maister | April 11, 2023 at 08:00 AM

The first quarter of 2023 saw the highest number of corporate bankruptcy filings in the U.S. since 2010, S&P Global Market Intelligence reports. In this period, the number of bankruptcy filings rose from 54 in January to 58 in February and to 71 in March, bringing the total to 183.

SVB Financial Group’s March 17 filing, caused by the collapse of its former subsidiary Silicon Valley Bank after a run on the bank by depositors, was the most noteworthy, shaking up financial markets around the globe. In a press release, the Group said it had $3.3 billion in debt. The bank, now named Silicon Valley Bridge Bank and controlled by the Federal Deposit Insurance Corporation, was not included in the filing, according to its former parent’s press release.

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