The New York University (NYU) professor who developed one of thebest-known formulas for predicting corporate bankruptcies has awarning for U.S. credit investors: This year's spate of "mega"insolvencies is just getting started.
More than 30 American companies with liabilities exceeding $1billion have filed for Chapter 11 since the start of January, andthat number is likely to top 60 by year-end after companies piledon debt during the pandemic, according to Edward Altman, creator ofthe Z-score and professoremeritus at NYU's Stern School of Business. Global firms have solda record $2.1 trillion of bonds this year, with nearly half comingfrom U.S. issuers, according to data compiled by Bloomberg.
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