S&P Global Market Intelligence Shows 2025 Bankruptcy Filings on Highest Pace Since 2010
July 8, 2025 - The rapid pace of U.S. corporate bankruptcies continued through June, putting 2025 on course to be one of the most active years for filings since 2010, according to S&P Global Market Intelligence. June saw 63 new bankruptcy filings from qualifying public and private companies, slightly below the revised May total of 64. These figures reflect public companies with at least $2 million in assets or liabilities and private companies with at least $10 million.
In total, 371 bankruptcy filings were recorded in the first half of 2025—the highest midyear total in 15 years. Rising corporate debt levels, sustained high interest rates from the Federal Reserve, and weakened consumer spending—pressured by a cooling labor market, persistent inflation, and tariffs from the Trump administration—have all contributed to tightening corporate liquidity.
Five companies that filed in June disclosed liabilities exceeding $1 billion: Wolfspeed Inc., At Home Group Inc., Marelli Automotive Lighting USA LLC, Sunnova Energy International Inc., and Mosaic Sustainable Finance Corp. Wolfspeed filed on June 22 as part of a restructuring agreement aimed at reducing its debt by $4.6 billion and cutting annual interest payments by 60%, with plans to exit bankruptcy by Q3. Sunnova, a solar services provider, attributed its filing to an aggressive growth strategy, rising interest rates, and policy shifts, and plans to divest certain assets. Mosaic, another clean energy financier, cited economic headwinds and legislative cuts to solar tax credits.
Industry-wise, industrial and consumer discretionary sectors led the filings, with a combined 107 bankruptcies so far in 2025. In June alone, 12 consumer discretionary and 8 industrial companies sought protection. Sector data was not available for 154 filings.
This Data Dispatch is updated regularly. The previous edition was published June 10.
Bankruptcy figures include public companies or private companies with public debt with a minimum of $2 million in assets or liabilities at the time of filing, in addition to private companies with at least $10 million in assets or liabilities. S&P Global Market Intelligence may remove companies from this list if it discovers that their total assets and liabilities do not meet the threshold requirement for inclusion.
Source: S&P Global Market Intelligence