Bankruptcy is not something a company wants to go through once, let alone twice. And yet, 2023 saw an uptick in so-called “Chapter 22s"—companies that filed for Chapter 11 a second time.
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Some repeat filings were due to worse than anticipated business conditions, while two others were due to a court judgment that remained in place after the first bankruptcy. Some bankruptcy attorneys say that, regardless of the reason, if a company files a second time, something had to have gone wrong with the first bankruptcy proceeding.
On today’s On The Merits, Bloomberg Law reporter James Nani joins us to talk about what’s driving these “Chapter 22s.”
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To contact the editor responsible for this story: Josh Block at jblock [at] bloombergindustry.com
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