June Bankruptcy Surge: A 13-Year High Amid Economic Pressures
June 2024 saw an unprecedented wave of U.S. corporate bankruptcy filings, setting a record for the highest monthly total since the start of 2020 and exceeding half-year benchmarks not seen in over a decade.
According to S&P Global Market Intelligence,
75 corporate bankruptcy filings were recorded in June, marking a dramatic acceleration in financial distress compared to the early months of the year. This surge is rivaled only by the peak months of 2020 when the initial economic shocks of the COVID-19 pandemic triggered a wave of insolvencies.
The total for 2024 now stands at 346 filings—a figure higher than any comparable period in the last 13 years.
Economic pressures, including persistently high interest rates, ongoing supply chain disruptions, and waning consumer spending, have compounded challenges for struggling companies, driving this surge in bankruptcies.
The trend highlights growing concerns about the broader health of the economy and its impact on businesses across multiple sectors.
Total Bankruptcies Filed:
73 companies announced bankruptcy between June 1, 2024, and June 30, 2024.
Most Common Sectors Affected:
- Consumer Discretionary: 25 companies (34.25% of total filings)
- Industrials: 11 companies (15.07%)
- Healthcare: 8 companies (10.96%)
- Other significant sectors include Information Technology (6 companies, 8.22%) and Financials (5 companies, 6.85%).
Assets and Liabilities:
Highest Declared Assets:
- A Healthcare company declared more than $1 billion in assets.
- 5 companies reported assets between $500 million and $1 billion.
Highest Declared Liabilities:
- One Healthcare firm exceeded $1 billion in liabilities.
- 5 companies reported liabilities between $500 million and $1 billion.
Median Asset and Liability Values:
- Median declared asset value: $10–50 million.
- Median declared liability value: $10–50 million.
Large Bankruptcy Filings:
- 500 million–1 billion asset/liability range:
5 companies.
- Total high-value companies with assets or liabilities over $100 million: 18 (24.66%).
Bankruptcy by Announcement Date:
- Busiest Filing Day: June 20, 2024, with 11 companies announcing bankruptcy.
- Over 60% of filings occurred between June 10 and June 20.
Unreported Financial Data:
Financial details for 17 companies (~23.3%) were not disclosed or labeled as "NA."
This information highlights significant sector trends and the prevalence of financial struggles among high-value companies within June 2024.
| Company | Primary sector | Bankruptcy announced | Llabllltles at Initial filing ($Ml) | Assets at Initial filing ($Ml) |
|---|---|---|---|---|
| Salt Life Beverage LLC | NA | 06/30/24 | 0.5-1 | 50-100 |
| Hopeman Brothers Inc. | NA | 06/30/24 | 50-100 | 50-100 |
| Basic Fun Inc. | Consumer discretionary | 06/28/24 | 50-100 | 50-100 |
| Chicken Soup for the Soul Entertainment Inc. | Communicatiosne rvices | 06/28/24 | 500-1,000 | 500-1,000 |
| SQRL Seivice Stations LLC | NA | 06/28/24 | NA | NA |
| Lodging Enterprises LLC | Consumer discretionary | 06/26/24 | 100-500 | 100-500 |
| Amphitrite Digital Inc. | Consumer discretionary | 06/26/24 | NA | NA |
| Axis KC LLC | NA | 06/26/24 | 10-50 | 1-1 |
| CMTRD LLC | Information technology | 06/26/24 | 5.0 | 16.9 |
| Integrity Carbon Solutions LLC | NA | 06/26/24 | 10-50 | 1-10 |
| Running C Construction LLC | NA | 06/26/24 | NA | NA |
| Quantum Materials Corp. | Information technology | 06/25/24 | 10-50 | 0.5·1 |
| Solar Biotech Inc. | Healthcare | 06/23/24 | 10-50 | 10-50 |
| Foundation Fitness LLC | Consumer discretionary | 06/22/24 | 10-50 | 10-50 |
| Boston Window & Door LLC | Consumer discretionary | 06/20/24 | 10-50 | 10-50 |
| Durham Homes USA LLC | NA | 06/20/24 | 10-50 | 10-50 |
| EEi Global Inc. | Communicatiosne rvices | 06/20/24 | 10-50 | 1-10 |
| Signia Ltd. | Industrials | 06/20/24 | 10.1 | 0.5 |
| Power Block Coin LLC | Financials | 06/20/24 | 1-10 | 10-50 |
| Maria Investments Inc. | NA | 06/20/24 | 12.2 | 9.5 |
| CHTC Inc. | NA | 06/20/24 | 12.3 | 1.5 |
| Titan Solar Power | Industrials | 06/20/24 | 10-50 | 50-100 |
| US Logistics Solutions Inc. | Industrials | 06/20/24 | 100-500 | 50-100 |
| SSE DevelopmentAZ LLC | NA | 06/19/24 | 1-10 | 10-50 |
| DermTech Inc. | Healthcare | 06/18/24 | 50-100 | 50-100 |
| Art & Luxury Inc. | NA | 06/18/24 | NA | NA |
| Buoy Pricing Inc. | Communication seivices | 06/18/24 | NA | NA |
| Eastern Mountain Sports LLC | Consumer discretionary | 06/18/24 | 10-50 | 10-50 |
| Two Bit Circus Inc. | Consumer discretionary | 06/18/24 | NA | NA |
| Company | Primary sector | Bankruptcy announced | Llabllltles at Initial filing ($Ml) | Assets at Initial filing ($Ml) |
|---|---|---|---|---|
| Homes and Houses Utah LLC | NA | 06/18/24 | 9.0 | 13.8 |
| DeBauche OSP Communications LLC | NA | 06/18/24 | 1-10 | Less than 0.5 |
| Greenrose Holding Co. Inc. | Healthcare | 06/18/24 | 6.5 | 0.01 |
| Fisker Group Inc. | Consumer discretionary rvices | 06/17/24 | 100-500 | 500-1,000 |
| Spot at Anderson LLC | NA | 06/17/24 | 10-50 | 10-50 |
| Stoyup Management Group LLC | NA | 06/17/24 | NA | NA |
| Encore Permian Development LLC | NA | 06/14/24 | 50-100 | Less than 0.5 |
| Cannon Constructors Inc | Industrials | 06/13/24 | NA | NA |
| Diamondhead Casino Corp. | Consumer discretionary | 06/12/24 | NA | NA |
| Fulcrum Loan Holdings LLC | NA | 06/11/24 | 1-10 | 10-50 |
| Blueworks Corp. | Consumer discretionary | 06/11/24 | 10-50 | 0.5 -1 |
| Coach USA LLC. | Industrials | 06/11/24 | 100-500 | 100-500 |
| OKA USA LLC | Consumer discretionary | 06/11/24 | 10-50 | 10-50 |
| 210 Springdale EO LLC | NA | 06/11/24 | 1-10 | 1-10 |
| Nevada Copper Inc. | Materials | 06/10/24 | 100-500 | 500-1,000 |
| Vivot Equipment Corp. | Industrials | 06/10/24 | 10-50 | 10-50 |
| lvankovich Family LLC | NA | 06/10/24 | Less than 0.5 | Less than 0.5 |
| National Wholesale Co. Inc. | Consumer discretionary | 06/10/24 | 5.3 | 17.8 |
| Vyaire Medical Inc. | Healthcare | 06/09/24 | 500-1,000 | 100-500 |
| Optio RX LLC | Consumer staples | 06/07/24 | 100-500 | 10-50 |
| GZ USA Inc. | Consumer discretionary | 06/07/24 | 21.1 | 21.0 |
| Marketspace Capital Holdings LLC | NA | 06/06/24 | NA | NA |
| Spot lrwestors LP | NA | 06/06/24 | NA | NA |
| J.H. LLC | NA | 06/06/24 | 12.1 | 17.0 |
| Insight Photonic Solutions Inc. | Information technology | 06/06/24 | 10-50 | 1-10 |
| Iced Tea With Lemon LLC | Consumer staples | 06/06/24 | 10-50 | 1-10 |
| Neuron Fuel Inc. | Consumer discretionary | 06/05/24 | NA | NA |
| Tangible Play Inc. | Consumer discretionary | 06/05/24 | NA | NA |
| MRRC Hold Co. | Consumer discretionary | 06/05/24 | 100-500 | 10-50 |
| Company | Primary sector | Bankruptcy announced | Llabllltles at Initial filing ($Ml) | Assets at Initial filing ($Ml) |
|---|---|---|---|---|
| AxentAdvance Capital LLC | NA | 06/05/24 | NA | NA |
| Axentia Card Solutions LLC | NA | 06/05/24 | NA | NA |
| Axent• Midwest Capital LLC | Financials | 06/05/24 | NA | NA |
| Atlantic Neurosurgical Specialists PA | Healthcare | 06/05/24 | 48.6 | 9.1 |
| Madison 33 Partners LLC | NA | 06/04/24 | 66.5 | 100.6 |
| Great Eastern Group Inc. | Industrials | 06/04/24 | 10-50 | 1-10 |
| Global Composite Piping Solutions LLC | Industrials | 06/04/24 | NA | NA |
| Sterling Credit Corp. | Financials | 06/04/24 | 10-50 | 10-50 |
| Epic! Creations Inc. | Communicatiosne rvice | 06/04/24 | NA | NA |
| CalAmp Corp. | Information technology | 06/03/24 | 100-500 | 100-500 |
| CMM Mineola LLC | NA | 06/03/24 | 10-50 | 10-50 |
| Famulus Health LLC | Healthcare | 06/03/24 | 10-50 | 50-100 |
| iSun Inc. | Industrials | 06/03/24 | Less than 0.5 | Less than 0.5 |
| Pegrum Creek LLC | NA | 06/03/24 | 10-50 | 10-50 |
| HomeTown Lenders Inc. | Financials | 06/03/24 | 10-50 | 10-50 |
| GGA Reddy Family LP | NA | 06/03/24 | 7.5 | 52.5 |
| Consulate Health Care LLC | Healthcare | 06/02/24 | More than 1,000 | 500-1,000 |
As the year progresses, the mounting number of corporate bankruptcies serves as a stark reminder of the challenges businesses face in navigating an increasingly volatile economic environment. With high interest rates likely to persist and consumer spending showing signs of continued slowdown, analysts warn that this troubling trend could extend into the latter half of 2024, placing even more pressure on companies already operating on the edge. For many industries, resilience and adaptability will remain crucial to weather the storm and avoid becoming the next statistic in a year marked by financial turbulence.
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