According to S&P Global Market Intelligence, WeWork Inc.'s bankruptcy marked the largest restructuring in a relatively quiet November.
In total, 34 companies filed for bankruptcy in the U.S. during the month, which is the lowest monthly total since November 2022 when 29 deals were filed.
S&P noted that November's total signaled a departure from the trend of elevated monthly filings seen throughout 2023, aligning more with levels observed in 2021 and 2022.
Out of all the bankruptcies, WeWork stood out as the only one to exceed $1 billion in value for the month. However, it is the 21st company to achieve this milestone in 2023.
Also read: Bankrupt WeWork's stock pulls back, continuing rollercoaster ride
Anagram Holdings LLC underwent a restructuring valued in the range of $100 million to $500 million, while Magna Imperio Systems Corp. was valued between $50 million and $100 million.
All other bankruptcies fell below the $50 million mark.
The industrials sector accounted for nearly a third of November's total bankruptcies with 11 filings, bringing the sector's year-to-date total to 75.
Consumer discretionary led the sector list with 76 filings, including four in November. The healthcare sector also contributed four filings.
It is important to note that S&P includes public or private companies with at least $2 million or more in assets or liabilities when compiling bankruptcy numbers.