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.

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.

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.

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.