Mark Lichtenstein spoke to S&P Global about the recent surge in U.S. corporate bankruptcy filings. In March 2021, 61 companies filed for bankruptcy, the biggest number seen in one month since July 2020, and nearly double the figure from February. While government stimulus and easy to access capital kept many at-risk companies afloat during the early months of the COVID-19 pandemic, they are now being forced to reckon with the aftermath of the crisis, and the number of companies filing Chapter 11 bankruptcy is expected to increase as the year goes on.

“There will actually be more corporate ‘11s’ in the fourth quarter of 2021 most likely, possibly in the third quarter, when the dust settles,” Lichtenstein said.