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Saturday, June 3, 2023
NewsIn less than 48 hours... 7 American companies file for bankruptcy protection

In less than 48 hours… 7 American companies file for bankruptcy protection


And this number of applications for bankruptcy protection, according to Bloomberg, is the highest number submitted within 48 hours since 2008, the year that saw the famous global economic crisis.

This comes at a time when two US Federal Reserve officials have indicated they prefer to ease into the aggressive pace of monetary tightening that the US Federal Reserve is pursuing in an effort to control inflation.

The filings for bankruptcy protection come at a time when companies are grappling with the fatigue of rising interest rates globally.

The American media group “Vice” had declared bankruptcy, due to the drop in its advertising income, in a news which was expected on the market a few weeks ago.

A statement released by the company on Monday says a consortium including Fortress Investment Group, Vice’s main creditor, has offered to take control of the media group for $225 million unless a superior offer is made. made by other parties.

Vice Media Group, which was valued at $5.7 billion in 2017, produces content in 25 languages ​​and has more than 30 offices around the world.

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Arab Desk
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