U.S. Bankruptcy Tracker: Distressed Debt Shrinks by $23 Billion

The pile of distressed debt outstanding shrank by $22.9 billion last week -- receding for the first time since early May -- while U.S. bankruptcy courts saw three new large cases.

• The heap of dollar-denominated corporate bonds and loans in the Americas trading at distressed levels fell to $132.1 billion on Friday, about a 14.8% decrease from $155 billion a week earlier, according to data compiled by Bloomberg
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• U.S. bankruptcy courts saw three new large cases -- those involving liabilities of at least $50 million -- last week
  • Chemical company TPC Group Inc. ...