First Day by Reorg 2023 Year in Review
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2023 had a brisk start to the year for chapter 11 filings, in particular for middle-market-and-up size filings.
In the First Day by Reorg 2023 Year in Review, our team provides a comprehensive overview of filings, including a timeline of annual aggregate chapter 11 filings spanning from 2016 to 2023. Notably, 2023 stands out with a thicker purple line, leading all years except 2020.
Major industry developments and highlights:
- The consumer discretionary and healthcare sectors were the busiest of the year for cases with more than $100 million in liabilities, making up 21% and 20%, respectively, of the total.
- For the $10 million-and-up range, real estate led with 23%, followed by consumer discretionary with 17% and healthcare with 16%.
- The rate of freefall bankruptcy filings was stable with prior years, but there was a pronounced increase in debtors seeking to sell their assets.
- Delaware and the Southern District of Texas led all other districts this year, but there was a new trend of mega filings in the District of New Jersey.
- Macroeconomic issues affected companies in varied industries, with inflation and rising interest rates affecting consumer behavior and financing terms.
- The year was devoid of billion-dollar energy filings, bucking trends from prior years.
- More than half of 2023’s filers requesting DIP financing included rollup provisions in their DIP proposals.
Dive deeper into chapter 11 filings by sector and filing district, as well as DIP financing trends, sale trends, chapter 22 filings and more by downloading the full report.
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