Public companies in the energy sector had a tough 2016, with solar, coal, and oil and gas producers accounting for nine of the top ten bankruptcies last year -- a new report from the law firm Jones Day finds.
According to the firm, all of 2016's ten largest bankruptcy filers listed assets of more than $3 billion; and half of the companies on the list filed prepackaged or prenegotiated chapter 11 cases.
The energy sector also accounted for the year's largest distressed debt/bankruptcy restructuring deal, according to a separate report from Jones Day. Energy Future Holdings Corp. topped the list of 336 completed deals in 2016, with a turnaround package valued at $40.3 billion.
According to Jones Day there were 124 restructuring transactions completed in the U.S. during 2016, 47 more deals than completed in 2015. The energy and power sector accounted for 63% of the U.S. debt restructuring market.
Read "The Year in Bankruptcy: 2016" from Jones Day in its entirety Here.