Nov 15, 2019

Dean Foods, America's largest milk producer, is 2019's 100th default

Illustration: Sarah Grillo/Axios

Dean Foods, the largest dairy company in the U.S., filed for bankruptcy this week, bringing the total number of global corporate defaults this year to 100.

The big picture: Despite having one of the fastest growing economies in the industrialized world, the U.S. has accounted for 70% of companies defaulting or seeking bankruptcy protection in 2019, according to the latest corporate default tally from ratings agency S&P.

  • Colorado-based manufacturer APC Automotive Technologies also went into default along with Delaware's Dura Automotive Systems, Pennsylvania-based retailer Destination Maternity Corp. and one "confidential issuer," S&P notes.

What they're saying: "The U.S. makes up the overwhelmingly largest percentage of this year's default tally," says Sudeep Kesh, head of S&P Global Credit Markets Research.

  • "The global 12-month trailing speculative-grade default rate has increased in 2019, to 2.3% in September from 2% in January, largely due to an increase in U.S. defaults," the report adds.

Of note: Bankruptcy-related defaults have increased this year, reaching a global total of 28 — already the second-highest number of bankruptcy-related defaults since 2009.

  • The oil/gas and retail/restaurants sectors lead defaults in the U.S. with 16 and 13, respectively.

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PG&E strikes $13.5 billion deal with victims of California wildfires

Photo: Justin Sullivan / Staff/Getty Images

Pacific Gas & Electric and attorneys for the victims of 2017 and 2018 California wildfires that killed dozens of people and ravaged homes and businesses, agreed on Friday to a $13.5 billion settlement, the New York Times reports.

The impact per the Times: "The agreement could help tens of thousands of residents rebuild while helping to resolve the utility’s bankruptcy."

Go deeperArrowDec 7, 2019

Coal is projected to see a record decline in 2019

Reproduced from Carbon Brief; Chart: Axios Visuals

Global coal-fired electricity production is projected to drop 3% this year, the largest decline on record, concludes an analysis from three think tanks published by the website Carbon Brief.

Why it matters: Reining in carbon emissions from coal-fired generation is a pillar of every major pathway for limiting temperature rise.

Go deeperArrowNov 25, 2019

11 biotech companies have filed for bankruptcy so far in 2019

Eleven biopharmaceutical companies have filed for bankruptcy so far in 2019, the most in a single year within the past decade, according to a new series from BioPharma Dive.

Why it matters: It’s rare for biotechs to go under because they have so much access to extra funding. But more firms have hit dead ends.

Go deeperArrowNov 20, 2019