Chapter 11 filings by large U.S. companies reached their highest level in 15 years in 2024. Filings accelerated drastically after a brief lull in the first half of 2025, with corporate Chapter 11 filings in July 2025 increasing 78% compared to July 2024. With distressed companies' Covid-era refinancings reaching maturity, that pace is likely to drive full-year filings to outpace 2010—the tail end of the global financial crisis—and continue through 2026. The speakers will first discuss this trend, the affected industries, and the reasons for the spike (including, among other factors, the adverse impact of tariffs and the risk of a global trade war). The speakers will then discuss the increased frequency of out of court refinancings prior to chapter 11 filings, the impact of repeat Chapter 11 filings (Chapter 22), the leading bankruptcy venues for large commercial Chapter 11 filings, the continued trend toward fast-paced Chapter 11 cases, and the critical role that creditors’ committees play in maximizing recoveries for trade creditors. Time permitting, there will be a bonus discussion providing an update on preference defenses.
Speakers:
- Bruce S. Nathan, Partner, Lowenstein Sandler LLP
- Michael Papandrea, Counsel, Lowenstein Sandler LLP
Time: 11 a.m. ET
