Operational Excellence (OPEX) Daily Briefing – Friday, November 28, 2025: The Surge in U.S. Bankruptcies: Systemic Warning Signal or a Normal Market Cycle?

Điểm Tin Operational Excellence (OPEX) Mỗi Ngày – Thứ Sáu, Ngày 28/11/2025: Làn Sóng Phá Sản Tăng Mạnh Tại Mỹ: Tín Hiệu Cảnh Báo Hệ Thống Hay Chu Kỳ Tự Nhiên Của Thị Trường?

Welcome to my unique weekday article for the paid subscriber-only edition.

Operational Excellence (OPEX) Daily Briefing – issued on weekdays (Monday to Friday).

Điểm tin Operational Excellence (OPEX) hằng ngày (phát hành các ngày thứ Hai đến thứ Sáu).

This is the bilingual post in English and Vietnamese. Vietnamese is below.

Đây là bài viết song ngữ Anh-Việt. Tiếng Việt ở bên dưới.

English

PART 1 – OFFICIAL INFORMATION

According to reports released by S&P Global Market Intelligence in recent months, the number of businesses filing for bankruptcy in the United States has risen to what is projected to be the highest level in 15 years. S&P Global stated that it recorded 655 bankruptcy filings as of the end of October, approaching the 687 cases recorded for the entire previous year. At the current pace, many experts believe that the total number of bankruptcies this year could far exceed the levels seen in the period following the financial crisis.

Sources from Reuters indicate that this trend is not limited to a few isolated industries but is spreading across multiple sectors, including retail, commercial real estate, technology, manufacturing, and especially the small and medium-sized enterprise (SME) segment. Companies most affected typically fall into groups with high debt ratios, weak cash flow, or heavy dependence on cheap capital during the previous low-interest-rate period.

In addition, data from the Federal Reserve shows that the high-interest-rate environment, sharply rising borrowing costs, and tightened credit conditions have put substantial pressure on companies with thin financial capacity. Many businesses are struggling to roll over capital, service maturing debt, or maintain regular operations. Several mid-sized commercial banks have also reported rising non-performing loans, adding pressure to the credit system.

Reuters cites experts warning that today’s lending conditions are pushing many businesses toward financial distress, especially those in sectors with low profit margins or heavy reliance on seasonal cash flow. The combination of high capital costs, slowing consumer demand, and rising operating expenses is driving many companies into a downward spiral.

From the capital markets perspective, analytical reports show that investors are increasingly concerned as the number of bankruptcies approaches levels considered the “peak” since the financial crisis over a decade ago. Some experts describe this as a sign of long-accumulated financial strain within the U.S. corporate system, now becoming evident as high interest rates persist.

Another notable point is that the bankruptcy trend is not limited to small businesses. Several large corporations in retail, transportation, and technology have also filed for Chapter 11 bankruptcy protection to restructure their debt and business operations. This demonstrates the broadening scope of financial risk, no longer confined to the weakest firms.

S&P Global believes that the current economic environment has created a situation in which many companies cannot simply “survive on internal strength,” as they face pressure from high interest rates, rising operating costs, large inventory levels, and slowing consumer purchasing power. This combination of factors is driving bankruptcy levels to rise rapidly and broadly.

Overall, the data released by Reuters and S&P Global highlights a clear trend: the U.S. economy is undergoing a period of intense corporate cleansing, in which companies that are inefficient, heavily indebted, or operationally inflexible are struggling to survive in the new environment. This development carries significant implications for markets and businesses, as it reflects a deep structural adjustment cycle in the economy rather than temporary fluctuations.