Octus First Day Midyear Review: Record-Setting 2026 H1 for Smaller Filings; Midrange Freefalls Surge, Tariffs Hit Largest Companies Hardest, Court Districts in Flux

Legal Research: Jessica SteinhagenData Analysis: Ian Howland, Johanna Schaaper, Gazi Shihab Editor’s Note: Octus First Day Intelligence’s review for the first half of 2026 is below. Octus First Day Intelligence provides real-time filing alerts when a company with more than $10 million in liabilities files for chapter 11 protection anywhere in the United States. The First Day team also produces and delivers – before the first day hearing – comprehensive case summaries with additional details on the posture of the case, professionals involved and secured and unsecured creditor bodies. First Day also includes a robust database of all cases since 2012. Major industry developments and highlights in the first half of 2026 include the following: Introduction Chapter 11s in the first half of 2026 were highlighted by a decrease in $1 billion chapter 11s compared with the last few years, a high freefall rate for filings ranging from $100 million to $1 billion and a shakeup to filing districts, with filings outside the historical top five at an all-time high. Trade policy has gone from a nonfactor in 2024 to a leading driver of distress for filings with more than $1 billion in liabilities. Approximately 43% of filings in this liability range, in which the consumer discretionary sector was[...]