More than 500 major U.S. companies file for bankruptcy

       According to statistics from S&P Global Market Intelligence, as of October 4, the United States has filed for bankruptcy of 504 large-scale companies this year, exceeding the number of bankruptcy applications in any comparable period since 2010. Consumer, industrial, and energy companies accounted for the majority of companies filing for bankruptcy. In addition, data as of the end of August showed that the number of companies that filed for bankruptcy this year with assets of more than $1 billion reached 46.

　　The US bankruptcy law is one of the oldest laws in the United States. If a company applies for Chapter 11 bankruptcy and reorganization of the Bankruptcy Law, the court will require the applicant company to continue to operate under its supervision and formulate a corporate restructuring plan, the fundamental purpose of which is to rescue the company. In the history of the United States, many companies have experienced the revival of Chapter 11 of the bankruptcy law, such as General Motors. However, realizing reorganization is not an easy task. The expenses of industry giants may exceed tens of millions of dollars, and the entire process of bankruptcy and reorganization can take from six months to several years. According to data from the US Department of Justice, only 10%-12% of companies can be released from bankruptcy after successful reorganization and get back on track. Most companies ultimately end up in liquidation.