Research from the Brookings Institute finds that the COVID-19 pandemic’s impact on firm profits and revenues thus far is comparable to the worst quarter of the 2008-2009 financial crisis. The researchers further project that bankruptcy filings will increase by as much as 140 percent this year compared with last year. [Brookings; Sept. 23, 2020]

Bloomberg

Houston, TX-based oil services provider SAExploration Holdings Inc. has filed for chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas, reports the Wall Street Journal. SAExploration reportedly owes $6.8 million on a unsecured loan it received through the Paycheck Protection Program of the CARES Act. [WSJ; Aug.

Retail Ecommerce Ventures (“REV”), an investment firm that seeks to convert struggling brick-and-mortar brands into successful e-commerce brands, has purchased the intellectual property and e-commerce assets of Pier 1 Imports for $31 million, reports Forbes.  REV also recently purchased the intellectual property and e-commerce assets of Dressbarn, which has seen growth in revenue since

Reporting from Reuters discusses how large firms that have filed for bankruptcy relief since the beginning of the COVID-19 pandemic have awarded bonuses to executives shortly before filing for bankruptcy. Of the 40 large firms investigated, Reuters found that approximately one-third awarded bonuses to executives within the month before filing for bankruptcy. [Reuters; July 17,

The New York Times reports that natural gas extraction company Chesapeake Energy Corporation has sought chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Southern District of Texas. Chesapeake’s bankruptcy is reportedly the largest bankruptcy of a United States oil and gas company since 2015 (N.Y. Times; June 29, 2020)

German fintech

Reporting from the New York Times suggests that the United States economy may be heading for a “COVID-19 cliff,” in which distressed businesses that have made efforts to amass and conserve cash throughout the COVID-19 pandemic will be forced to spend money at an unsustainable rate as economies reopen and government pandemic relief programs expire

PG&E Corp. received approval from the United States Bankruptcy Court for the Northern District of California to sell $20 billion worth of new debt and equity, reports the Wall Street Journal. Approximately $10.7 billion worth of both investment grade and high-yield bonds will be issued and the company is seeking to find investors to

The American Bankruptcy Institute reports that California Pizza Kitchen Inc. is seeking an out-of-court debt restructuring in an effort to avoid a chapter 11 bankruptcy. The company is reportedly seeking a $30 million bridge loan to allow it to work towards a debt restructuring over the next six months. Prior to the COVID-19 pandemic, California

According to Bloomberg, Norwegian Air Shuttle ASA has asked its creditors to convert a portion of the approximately $4 billion they are owed into equity to allow the company to access approximately $290 million worth of loan guarantees offered by the Norwegian government. [Bloomberg; Apr. 9, 2020]

Law360 reports that recent, historic oil and

Recent oil price drops may accelerate the pace of oil and gas bankruptcies in the United States, reports Law360. In light of such drops, the industry appears to be facing a situation similar to one it faced in 2016 and 2017, when many drilling companies sought bankruptcy protection. [Law 360; Mar. 11, 2020]

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