WeWork Inc.’s bankruptcy tipped the scales as the largest restructuring during a relatively quiet November, according to S&P Global Market Intelligence.
A total of 34 companies filed for bankruptcy in the U.S. in November, marking the lowest monthly total since November 2022, when 29 deals were filed.
“November’s total signaled a marked departure from the general trend of elevated monthly filings seen throughout 2023 and was more in line with 2021 and 2022 levels,” S&P said.
WeWork
WEWKQ,
was the only bankruptcy to exceed the $1 billion mark for the month. However, WeWork is the 21st to exceed $1 billion for the year.
Also read: Bankrupt WeWork’s stock pulls back, continuing rollercoaster ride
Anagram Holdings LLC’s restructuring was valued in the $100 million to $500 million range, while Magna Imperio Systems Corp. was valued in the $50 million to $100 million range.
All other bankruptcies were less than $50 million.
The industrials sector accounted for nearly a third of November’s total bankruptcies with 11 filings, bringing the sector’s year-to-date total to 75.
Consumer discretionary led the sector list with 76 filings, including four in November, and four from the healthcare sector.
S&P only includes public or private companies with at least $2 million or more in assets or liabilities in its bankruptcy numbers.
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