YTD Corporate Default Jump To Highest Since 2009

While many were looking forward to the weekend in last week’s holiday-shortened week for some overdue downtime, the CEOs of five, mostly energy, companies had nothing but bad news for their employees and shareholders: they had no choice but to throw in the towel and file for bankruptcy.
And, as Bloomberg reports, with last week’s five defaults, the 2016 to date total is now 31, the highest since 2009 when there were 42 company defaults, according to Standard & Poor’s. Four of the defaults in the week ended March 23 were by U. S. issuers including UCI Holdings Ltd. and Peabody Energy Corp., the credit rating company said.

This post was published at Zero Hedge on 03/28/2016.