In February, there was a conspicuous increase in commercial Chapter 11 bankruptcy filings. As reported by Epiq Bankruptcy and the American Bankruptcy Institute, there were 822 such cases, a sizeable 118% rise compared to the 377 filings from the same month in 2023 and a 77% surge from January 2024’s 464 cases.
The significant boost can be attributed in part to two profound cases handled by renowned firms Kirkland & Ellis and Weil, Gotshal & Manges. These firms collectively undertook nearly 300 debtor retentions in the two jointly administered bankruptcies, signifying their substantial contribution to the overall swell in commercial Chapter 11 bankruptcy filings.