Bankruptcies are expected to tick higher in 2022. Hear from 5 experts on the industries most likely to crack first.
Companies across industries are also navigating uncertainty around supply, foreclosure moratoriums, and the labor force. Meanwhile, the wells of support offered by the $1.9 trillion stimulus package that Congress passed in March appear to be drying up, with no indications that a similar relief package is in the works. Nonfinancial corporate businesses hit some $11.
Industries in which companies are having trouble hiring low-wage workers are also expected to see distress, he added. A survey released this month by the trade group the Global Business Travel Association found that some 17% of its members had employers who introduced travel restrictions in response to Omicron.
Adam Goldberg is a partner at Latham & Watkins, and Leo Crowley leads the insolvency and restructuring practice at Pillsbury Winthrop Shaw Pittman.Bankruptcy lawyers say they also expect to see so-called prepackaged bankruptcies pick up in 2022.
Meagen Leary co-chairs the business reorganization and financial restructuring practice at Duane Morris."I think that's kind of a sign of the times, particularly in metro areas like New York, San Francisco, and Chicago," Leary said."Businesses that are tied to a metro conference hotel and metro offices are going to see distress," she said.
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