WeWork leads crop of November bankruptcies as overall restructuring count drops from previous months
By Steve Gelsi
November saw 34 company bankruptcies, down from 49 in October and 62 in September.
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.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
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12-08-23 1152ET
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