At least seven companies, including the two “Vice Media” and "Manetronics International" for home security, media companies, submitted bankruptcy filings under Chapter 11 of the US Bankruptcy Code within 24 hours, as companies feel the crisis due to a year of increasing interest rates.
The wave of bankruptcies comes as companies struggle to renegotiate burdensome debt that has accumulated during a period of ultra-low interest rates. Other companies filing Chapter XI petitions include “Envision Healthcare”, British chemical producer “Finator Materials”, oil producer “Cox Operating”, “Kid-Finale” and “Atheenex”.
Source: (Asharq Al-Awsat Newspaper, Edited)
