Morning Warning List
sonnen, the German home-battery maker Shell sold in August, joins the list after filing an insolvency application, and South Africa’s Tongaat Hulett leaves the Johannesburg exchange on 3 November.
Check your inbox and confirm with one click. The next edition arrives on Monday or Thursday at 05:00.
Breaking
Bankrupt news, as it happensInsolvencies and court filings the day they happen, including the ones the big outlets miss. Every line has a source.
BHV Marais
BHV Marais, the Paris department store, has asked a court for a rescue.
No court had ruled when I wrote this. AFP named the commercial court in Lyon; Sortiraparis reported a hearing in Paris on Friday 30 October.
Read the reportsonnen GmbH
sonnen, Germany's home-battery pioneer, has filed for insolvency.
No court had opened proceedings, and no administrator had been named, when I wrote this.
Read the report
The world
Top 5 that morning- 1
GiFi
Sells low-priced decorations, craft supplies and seasonal goods in more than 500 shops across France.
A computer change in 2023 disrupted its stock for months, and its banks reportedly would not lend another €50 million. Its shops stay open while the court decides.
GiFi has filed. It asked the Toulouse commercial court for a redressement judiciaire, a court-led rescue, and its boss Patrick Puy appeared before the court on 23 October. The court has not yet ruled; a decision is expected on 3 November.
- Patrick Puy appeared before the Toulouse court with staff representatives; a decision is expected on 3 November · 25 Oct 2026 · source
- Asked the Toulouse commercial court for a court-led rescue; decision due on 3 November · 23 Oct 2026 · source
- Banks refused another €50m; about three months of cash left, the Journal de l’Économie reports · 20 Oct 2026 · source
- Staff representatives raised a formal alarm over the company’s finances · 6 Oct 2026 · source
WatchThe Toulouse court’s decision on 3 November.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 2
sonnen
Makes home batteries that store solar power, in Wildpoldsried in southern Germany.
About 400 staff in Wildpoldsried were told that morning. The company says service for its more than 150,000 customers will continue.
sonnen GmbH has filed. It filed an insolvency application on 22 October, two months after Shell sold it to the investor TIVEN. No court has opened proceedings, and no administrator has been named.
- Filed an insolvency application; about 400 staff at headquarters were told that morning · 22 Oct 2026 · source
- Sales of the German company fell from about €264m to about €78m in 2024, with a loss of about €107m · 2024 accounts · source
- Shell sold it to TIVEN in August, two months before the filing · 28 Aug 2026 · source
WatchWhether a court opens proceedings, and whom it names to oversee them.
Read the 5 Minute Story95/100New on the listFiledA court process has begun. - 3
Casas Bahia
Sells appliances, furniture and electronics across Brazil, in shops and online.
Brazil's best-known home store chain asked for a court-led rescue in August. The court has now let it begin, which is not yet approval of a plan.
A São Paulo court let its court-led rescue go ahead on 21 October. It wants to renegotiate about R$17bn of debt.
- Court let its recuperação judicial (court-led rescue) proceed · 21 Oct 2026 · source
- Filed to renegotiate about R$17.3bn of debt · 16 Aug 2026 · source
WatchWhether creditors back its rescue plan.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 4
Galeria
A German department-store chain with 83 stores.
It has signed a loan to keep goods flowing during the procedure, and an adviser is looking for a buyer. Its administrator expects that not all 83 stores can continue.
Galeria filed an insolvency application on 2 October, its fourth in six years. The Düsseldorf court ordered provisional proceedings on 5 October and named Frank Kebekus provisional administrator. Full proceedings have not been opened.
- Fourth insolvency application in six years; provisional proceedings since 5 October. 83 stores, about 12,000 staff · 8 Oct 2026 · source
- Signed a loan for the insolvency period with Gordon Brothers; goods are flowing and vouchers can be used again · 20 Oct 2026 · source
- Provisional administrator Frank Kebekus said not all 83 stores will probably continue · 16 Oct 2026 · source
WatchWhether a buyer appears; candidates are due in early January.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 5
RAL Yatırım Holding
A holding company listed in Istanbul that owns stakes in other businesses.
A listed holding company now has three months of court protection to reach terms with the people it owes. Its shares are down about 95% from this year’s peak.
RAL Yatırım Holding applied for konkordato, a court-led debt agreement, on 16 October. The Ankara 2nd Commercial Court granted a three-month temporary moratorium.
- Applied for konkordato; three-month temporary moratorium granted by the Ankara 2nd Commercial Court · 20 Oct 2026 · source
- Shares down about 95% from the 2026 peak · 20 Oct 2026 · source
WatchWhether creditors back a plan within the three-month moratorium.
95/100UnchangedFiledA court process has begun. - 6
Homeplus
A South Korean chain of large supermarkets.
Sales fell to about 30% of target in early October, and suppliers now ask for cash up front, its chief executive told parliament. No serious bidder has come forward so far, Korea Times reports.
Homeplus is in court-led rehabilitation, and the court approved its plan on 2 September. Its 67 stores, head office and online arm are for sale, with letters of intent due by the end of October.
- No serious bidder so far, with letters of intent due by the end of October, Korea Times reports · 20 Oct 2026 · source
- In court-led rehabilitation; letters of intent for 67 stores, the head office and the online arm due by end-October · 15 Oct 2026 · source
- Sales fell to about 30% of target in early October · 18 Oct 2026 · source
- Can only trade on advance payment and cash, its chief executive told a parliamentary audit · 12 Oct 2026 · source
WatchHow many offers arrive by the end of October.
Read the 5 Minute Story95/100UnchangedFiledA court process has begun. - 7
Tongaat Hulett
South Africa’s largest sugar maker, with mills and the country’s only white sugar refinery.
Its shareholders voted down a rescue plan in 2024, and the exchange now says no value is expected for them. The sale of its businesses to the Vision consortium had not been confirmed as complete on 12 October.
Tongaat Hulett has been in business rescue, a formal rescue under South African law, since 27 October 2022. Its shares leave the Johannesburg Stock Exchange on 3 November.
- The JSE removes the shares on 3 November, with no offer or payment to shareholders · 12 Oct 2026 · source
- In business rescue since 27 October 2022; shares suspended since July 2022 · 12 Oct 2026 · source
- Sale agreements lapsed in February; a new binding deal with Vision was brokered in June · 12 Oct 2026 · source
WatchWhether the sale to the Vision consortium closes.
Read the 5 Minute Story95/100New on the listFiledA court process has begun. - 8
Optimum Communications
Sells cable TV, broadband and phone services to homes in the United States.
Its debts add up to more than $26bn, Bloomberg reports. Nothing is decided yet, and lenders and owners could still settle without a court.
Optimum has not filed. It is weighing Chapter 11 to carry out a deal that would hand control to its lenders, Bloomberg reported on 22 October.
- Reportedly weighing Chapter 11 to carry out a debt deal; debts of more than $26bn, Bloomberg reports · 22 Oct 2026 · source
- Close to handing control to lenders including Apollo, Oaktree and JPMorgan, the Wall Street Journal reports · 21 Oct 2026 · source
WatchWhether a Chapter 11 petition or a signed lender deal comes first.
86/100UnchangedWarningSeveral serious signs at once. - 9
Thames Water
Supplies water and takes away sewage for almost 16 million customers in London and the Thames Valley.
If it fallsWater and sewage for almost 16 million people, and about £20bn of debt.
Almost 16 million customers depend on it, and it carries about £20bn of debt, Reuters reports. In my view, its creditors now hold the key to its next year.
Nothing filed. A £2.4bn creditor loan would let it keep going into autumn 2027. Creditors vote on 29 October.
- Asked to raise its emergency loan by £2.4bn, to £5.4bn, to keep going into autumn 2027, Reuters reports · 15 Oct 2026 · source
- A new split was reportedly offered to win Pimco, and the Class B creditor group reportedly agreed to back the Class A plan · 20 Oct 2026 · source
- Has drawn £2.65bn of its £3bn emergency loan and could run short of cash by early 2027, according to Reuters · 15 Oct 2026 · source
- Net debt rose to £18.5bn in the year to March 2026, from £16.8bn · 15 Jul 2026 · source
WatchThe creditor vote on 29 October.
Read the 5 Minute Story75/100UnchangedWarningSeveral serious signs at once. - 10
JetBlue
A New York airline that sells low fares with extras, such as seatback television and more legroom.
Its own savings plan is beating its targets, but fuel rose faster, and it has lost money every year since 2019. In my view, the lenders who hold its frequent-flyer programme as security have started planning for themselves.
Nothing filed. Its creditors reportedly hired restructuring advisers, PJT Partners and Akin. Third-quarter results come today, Tuesday 27 October.
- Shares fell 16% on Monday after reports that creditors had hired restructuring advisers · 26 Oct 2026 · source
- A group of lenders, holding $2bn of bonds and a $742m loan, has hired PJT Partners and Akin Gump, Bloomberg reports · 23 Oct 2026 · source
- The bonds backed by its frequent-flyer programme fell to about 45 cents on the dollar, Bloomberg reports · 23 Oct 2026 · source
- S&P cut its credit rating to CCC+ and expects about $1bn more cash out than in this year · 8 Jun 2026 · source
WatchToday’s results, and how much cash was left at the end of September.
Read the 5 Minute Story55/100UnchangedWarningSeveral serious signs at once.
Denmark
Recent falls and rescuesNo new Danish company with more than 50 staff or a known brand showed early danger signs since the last edition. These are this autumn’s falls and rescues, so we can learn from them. Early warnings appear here the day we find them.
- 1
CPH Steel
Made and fitted steel structures for Danish building projects.
If it fallsMore than 1,300 suppliers left unpaid.
A few building jobs that went wrong emptied the till. More than 1,300 suppliers were left unpaid.
Reconstruction in July failed. Declared bankrupt on 5 August.
- Rescue attempt failed within weeks · 5 Aug 2026 · source
- More than 1,300 creditors unpaid when reconstruction began · 31 Jul 2026 · source
WatchWhether anyone buys the business.
Read the 5 Minute Story100/100UnchangedBankruptDeclared bankrupt by a court. - 2
Velkommen group
Sold electricity to Danish homes under several brand names.
If it fallsDanish homes that bought their electricity from it.
Customers waited too long for money they were owed, and the companies lost the right to sell power.
The grid companies asked the court to declare the four companies bankrupt. More than 32,000 customers were moved to new suppliers on 30 June.
- Late with refunds in most cases checked by the regulator · 30 Jun 2026 · source
- Grid companies Cerius and Radius asked for bankruptcy · 2026 · source
WatchHow much customers get back.
Read the 5 Minute Story92/100UnchangedFiledA court process has begun. - 3
Humac
Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.
If it fallsApple shops across Denmark.
Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.
Rescued. Closed on 13 August, reopened on 16 September under a new owner.
- Went into reconstruction and closed every shop and the webshop · 13 Aug 2026 · source
- Lost DKK 27 million in 2025, its eighth losing year in a row · 2025 accounts · source
WatchWhether the new owner can make the shops pay.
Read the 5 Minute Story90/100UnchangedFiledA court process has begun. - 4
Hamiconsult
An engineering consultancy in Herning that advised on building and construction projects.
If it fallsOne engineering consultancy in Herning.
The warning was in its own accounts: the last annual report already doubted the company could carry on.
Declared bankrupt by the court in Herning on 15 September.
- Declared bankrupt; a sister company was asked into bankruptcy the same day · 15 Sep 2026 · source
WatchWhat happens to the rest of the group.
Read the 5 Minute Story100/100UnchangedBankruptDeclared bankrupt by a court. - 5
Nimbus
Tried to bring back Nimbus, the classic Danish motorcycle, as an electric motorcycle.
If it fallsAlmost six hundred small shareholders who bought into the dream.
Twelve years of trying to bring back a Danish legend ended before the electric motorcycle reached the road.
Asked into bankruptcy in June, according to its own website.
- Bankruptcy requested · 12 Jun 2026 · source
WatchWhether someone buys the name.
Read the 5 Minute Story92/100UnchangedFiledA court process has begun.
The Max Noble Meter
One number for every company, from 0 to 100. The higher it is, the closer the company is to bankruptcy. 100 means a court has declared it bankrupt.
Filed and Bankrupt are facts from courts and filings. Watch and Warning are my reading of the signs, based on the sources listed under each company.