ALLENTOWN, Pa., June 21, 2016 /PRNewswire/ -- Creditsafe USA Inc., the world's most used supplier of company business intelligence, today highlighted two analytic tools to help companies devise safeguards to protect them from bankruptcy. Following on the heels of an unprecedented number of high profile bankruptcies from companies across a variety of industries including energy, media, retail and oil and gas, indicators suggest the economy is poised for additional number of Chapter 11 filings. Creditsafe's Risk Tracker and Media Solutions Tool help companies detect the early warning signs of financial troubles empowering them to design steps to avoid them.
"With recent bankruptcy announcements by Aeropostale, Gawker, Seventy-Seven Energy Corp., Sports Authority and many others, some big name businesses are certainly having a tough time," said Matthew Debbage, CEO, Creditsafe USA and Asia. "There are a variety of reasons behind each of these bankruptcies, low price of oil, huge lawsuits and other financial issues—all of which have been well documented in the media. Had these struggles been carefully monitored and addressed, the companies dealing with these challenges could have limited their losses."
Mr. Debbage continued, "In Gawker's case, bankruptcy documents show that without counting the disputed $130M owed to Hulk Hogan, Gawker owed its 20 biggest creditors in excess of $1M. Being in the credit risk business, I cannot state how important it is to constantly monitor your customers and their credit position with you. No matter how high profile or profitable a company appears, there's always the possibility it could encounter financial problems. When an industry leader such as Gawker or Sports Authority files for bankruptcy, the ripple effect across a marketplace can be detrimental. In the case of Sports Authority, several companies had to restate their earnings as a result of their bankruptcy, including sports powerhouse Under Armour."
Creditsafe offers it customer a portfolio of tools to detect the early signs of financial difficulties for either their own company or business partners including:
**Creditsafe Risk Tracker - By going beyond just credit ratings to identify business risk, Creditsafe Risk Tracker helps protect customers from bad debt with up-to-date information. Our goal — to ensure you're the first to know of any changes so you have complete peace of mind. Creditsafe Risk Tracker sends alerts, in real time, on fluctuations and changes to credit scores, payment behavior, credit limits and legal filings.
**Creditsafe Media Solutions - Creditsafe's Media Solutions tool is an automated business media monitoring service that checks for real-time risk signals for any company you choose to track. The media tracking tool searches the internet and provides the latest information on the company you are looking at from a range of news sites and using a range of trigger risk terms.
About The Creditsafe Group
The Creditsafe Group is the world's most used supplier of company business intelligence, with ten Creditsafe Group reports downloaded every second. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from.
Founded in Norway in 1997, Creditsafe has offices in countries all over the world including: the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the United States. Globally, Creditsafe employs over 1,200 people and has more than 90,000 subscription customers. Three years ago, the Creditsafe Group opened offices in the U.S. under the name Creditsafe, Inc. Its U.S. operations are headquartered in Allentown, Pa. with another facility in Phoenix, AZ. For more information, please visit www.creditsafe.com.
For more information, please contact Kathryn Lancioni: firstname.lastname@example.org
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SOURCE The Creditsafe Group