Bankruptcies of US Companies Are Heading to Highest Level Since 2010

Bankruptcy cases in the United States are heading to their highest in 10 years this year, with companies suffering from the repercussions of the Coronavirus.

According to a report issued by Standard & Poor’s Global, 424 US companies have filed for bankruptcy protection since the beginning of this year until August 9.

This exceeds the bankruptcies of public and private sector companies during any similar period since 2010, with the US economy suffering from a historic contraction in the second quarter, and the Coronavirus affects many industries, especially those that depend on consumer spending.

The report pointed out that companies that depend on consumer spending witnessed more than 100 bankruptcies.

The report added that there are nearly 100 bankruptcies in the energy and industry sectors, including the oil and gas producer “Chesapeake” and the “Hertz” car rental company.