Reuters reports that retailer Neiman Marcus Holding Co. emerged from chapter 11 bankruptcy on September 25, 2020. The Company’s confirmed plan of reorganization eliminated more than $4 billion of debt and $200 million of annual interest expense. [Reuters; Sept. 25, 2020]
In an opinion piece for Bloomberg, columnist Justin Fox reports on the uptick
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.
In an article for Mayer Brown’s COVID-19 Response Blog, Mayer Brown partners Sean Scott and Aaron Gavant and associate Kyle Tum Suden discuss recent bankruptcy court decisions concerning whether companies in bankruptcy are eligible for paycheck protection program loans under the US CARES Act.
Law360 reports that Bar Louie has cancelled a previously scheduled chapter 11 auction and will, instead, be sold to its secured lenders that served as the stalking horse bidder. Bar Louie reportedly received no other qualified bids. [Law360; Mar. 27, 2020]
The recently enacted CARES Act seeks to aid consumer and small business debtors, reports