Repeat Chapter 11 Filers Dominate 2023 Bankruptcy Landscape

Struggling companies seeking bankruptcy turned 2023 into one of the biggest years for repeat Chapter 11 filers, suggesting many didn’t make the necessary cuts or business changes to successfully revive themselves the first time around.

With at least 19 businesses with more than $10 million in debt filing Chapter 11 for at least a second time, 2023 had the most so-called Chapter 22 filings since 2020 during the Covid-19 pandemic, which pushed many already-struggling companies over the edge. The past year was among the top for repeat bankruptcies since the turn of the century, according to BankruptcyData.