Following six years of gradual decline, this year has already brought a significant surge in corporate bankruptcy filings. According to data from Epiq Systems, Inc., a total of 2,802 businesses filed for bankruptcy in January 2016. This marks an almost 13 percent increase over business bankruptcies filed in January 2015. We can expect this trend to continue throughout the rest of the year with oil, gas, and commodities sectors driving the uptick. This article focuses on the recent chapter 11 filings of Arch Coal, Inc., Paragon Offshore plc, Sundevil Power Holdings, LLC, and Ryckman Creek Resources, LLC.
Coal Mining and Supply
On Jan. 11, 2016, Arch Coal, Inc. and affiliated debtors filed petitions for relief under chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri.
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