Altman: mega-bankruptcy wave coming

Credit conditions were worsening before Covid, research finds

Chapter 11

The coronavirus pandemic is expected to bring a record number of corporate bankruptcies in the US, but lenders should have spotted signs of elevated credit risk before the crisis struck, new research suggests.

Corporate and government debt approached “dangerous levels” in the first two months of 2020, according to a study by academic Edward Altman, professor at New York’s Stern School of Business. This marked the end of a 10-year credit cycle during which non-financial corporate debt rose to

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