Oregon Business Bankruptcies Reach Highest Level Since 2012 as Private Credit Market Tightens Nationwide
After more Oregon businesses filed for bankruptcy last year at the highest rate since 2012, high-cost refinancing has come into the spotlight, as Apollo Debt Solutions announced it would limit withdrawals from its $25 billion fund.
Apollo Debt Solutions Decision Brings High Financing Rates & Bankruptcy Under Scrutiny
With investors getting more nervous about private credit- a market Reuters says has grown to about $2 trillion, other companies with similarly high rates of refinancing that operate in Oregon are also under the spotlight.
Apollo limited withdrawals after investors sought to redeem about 11.2% of shares outstanding, but the fund said it would honor redemptions for 5% of shares, or about 45% of the capital requested.
Source: Reuters reporting on Apollo Debt Solutions, March 2026
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Roughly 250 Oregon companies sought protection in 2025, as the state’s bankruptcy filing rate rose nearly four times faster than the national pace. Nationally, federal data shows that total bankruptcy filings rose 11.5% while business filings rose from 22,060 to 23,043.
Source: Oregon Treasury 2026 Financial Wellness Scorecard / U.S. Courts / Oregon bankruptcy reporting
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The squeeze is evident in, for example, Southern Oregon’s Rogue Valley Mall, which had a $44.3 million CMBS loan that defaulted after maturing in 2022. Its appraised value fell from $80 million to $19.5 million.
| Metric | Figure | Why it matters |
|---|---|---|
| Original appraisal | $80 million | Shows how far value has fallen since the loan was made |
| Latest appraisal | $19.5 million | Current value sits well below the debt balance |
| Loan balance | $44.3 million | Refinancing gets harder when debt towers over value |
| Projected loss | $26.5 million / about 60% | Expected lender hit if the sale closes near current levels |
| Sale status | Sale relaunched in January 2026 | Shows the workout is still active, not resolved |
Kroll also projected roughly a 60% loss on the debt- roughly 26.5 million- as a court-appointed receiver relaunched a sale this year.
While Apollo may have caused ripples locally, it’s the private-credit jitters that are surfacing, as already-struggling Oregon businesses and properties struggle to refinance debt in a much more expensive borrowing environment.