Kick a can down a road for long enough and fatigue ends the game. On Monday, several prominent, distressed US companies finally succumbed to bankruptcy. They included Vice Media and Envision Healthcare, whose backers included some of the world’s best-known investors.
The court filings are instructive. Documents not only detailed how these companies kept running out of money. They also showed that bad business models were no bar to raising more money that would itself be lost.
Just a year ago, Envision took in more than $1bn in fresh cash. Since 2020, Vice garnered at least $200mn, despite zombie-like characteristics.
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