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Bankruptcy Weekend Blitz Is Just the Beginning for Zombie Companies

Seven firms filed for Chapter 11 between Sunday and Monday as rate hikes take toll

Vice Media filed for Chapter 11 on Sunday

Vice Media filed for Chapter 11 on Sunday

Photographer: Gabby Jones/Bloomberg

Welcome to The Brink. It’s Amelia Pollard and Jeremy Hill in New York, where we looked at the seven companies that filed for Chapter 11 between Sunday and Monday, a sign that the credit crunch is starting to hit harder. We also asked Jayme Goldstein at Paul Hastings where the rate shock will hit next, and dug deep into the latest drama surrounding Credit Suisse. Follow this link to subscribe. Send us feedback and tips at or Tweet/DM to @ameliajpollard.

The first one to fall was Athenex. At about 11:15 a.m. on Sunday morning, the biopharma company issued a statement declaring it was bankrupt. Then came Kidde-Fenwal, followed by Vice Media and Envision Healthcare. By the time the wave of filings was over early Monday, seven large companies had gone bankrupt, a sudden burst that’s without precedent in the 15 years that Bloomberg has been tracking the data.