The coronavirus has unleashed the global debt crisis that CreditRiskMonitor has been predicting. Credit professionals need to take action to ensure that they aren’t unduly impacted by delayed payments and bad debt write-offs.
The longer the coronavirus persists, the harder it will be for health services operators to avoid bankruptcy, quite similar to what recently transpired with Quorum Health Corporation.
Grounded in Oz: Airliner Virgin Australia Holdings Ltd entered into voluntary administration and later Chapter 11 bankruptcy, as the company succumbed to an overwhelming debt load.
In a recent webinar with leading credit experts, CreditRiskMonitor CEO Jerry Flum noted that a world built on nonfinancial corporate debt is susceptible to mass bankruptcy in the wake of the COVID-19 pandemic.
Sentiment data, farmed from leading credit managers who subscribe to our service, is pointing to extreme bankruptcy risk in a growing list of leading oil and gas giants.
Today, bond rating agencies are downgrading corporate credit at a faster pace than any point in the last decade. The coronavirus has sapped product and services demand and disrupted global supply chains.
CreditRiskMonitor warned of the increased bankruptcy risk at newspaper owner McClatchy Company for more than a year before their Chapter 11 filing in February 2020. Yet McClatchy Company is not an isolated case and risk professionals should be monitoring other news provider outlets closely.
As the world reels from the effects of COVID-19, Quorum Health Corporation - a major American healthcare provider and operator of hospitals in 13 U.S. states - has filed for bankruptcy.
Here's a list of the 10 largest energy industry failures since 2013, as well as some of the riskiest companies that CreditRiskMonitor covers today. These companies should be watched closely as the current oil and natural gas price cycle continues to run its course.
Leveraging AI for accurate private company bankruptcy risk assessment, we were successful in predicting 70% of bankruptcies in Q1 2020 with the PAYCE® score.