Chapter 11 filings fell 15.9% YoY in 2025, but the cases that did emerge were significantly larger in scale. Just 159 companies meeting Debtwire’s criteria [1] filed in 2025, down from 189 the year prior, yet those filings carried a combined USD 101.7bn in funded debt — a 31.6% increase from 2024’s total. The jump was driven by a wave of mega-filings, including four cases with more than USD 5bn in funded debt: First Brands Group, Sunnova Energy, Ligado Networks, and Wolfspeed.