Banking

2021 Consolidated Credit Act Amends Bankruptcy Code – Part 1: Amendments Clarifying Debtors’ Rights to Other Pandemic Relief | Mintz – Views on Bankruptcy and Restructuring

On December 27, 2020, in response to the economic distress caused by the COVID-19 pandemic and in addition to the CARES law promulgated in March 2020, the 2021 consolidated finance law (the “Law”) was promulgated. In addition to providing $ 900 billion in pandemic relief, the Act benefits both debtors …

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World’s Largest Offshore Platform Owner Valaris Declares Bankruptcy

Through Allison McNeely and Christine Buurma to 08/19/2020 NEW YORK (Bloomberg) – Valaris Plc became the latest victim of falling global oil prices, declaring bankruptcy on Wednesday as the world’s largest offshore platform owner by fleet size seeks to restructure a debt of about $ 7 billion. The Chapter 11 …

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JC Penney bankruptcy averted so far: retailer pays interest

JC Penney made a crucial interest payment on Thursday as the department store is on the verge of a potential bankruptcy filing. The retailer revealed on Friday that it had paid about $ 17 million that was owed over a week ago on its senior secured term credit facility. The …

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California Pizza Kitchen comes out of bankruptcy with much less debt

Dive brief: California Pizza Kitchen has successfully completed its financial restructuring process and exited Chapter 11 bankruptcy protection, according to a press release. The company closed a debt-to-equity transaction, reducing its debt by more than $ 220 million and increasing its liquidity. The company is now focused on expanding its …

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Coronavirus: adapt or die: Spanish retail giant El Corte Inglés fights against the impact of the pandemic | Economy and business

An advertising sale sign at El Corte Inglés department store in Madrid’s Nuevos Ministerios neighborhood.Pablo Monge Corporate cemeteries are full of former industry leaders who have not been able to adapt to the new times. Finnish telecommunications company Nokia failed to develop an operating system capable of competing with Google …

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What the world of aircraft rental looks like after a year of pandemic

It is now well known that airlines are losing a lot of money due to the pandemic, and so far we have not seen that backfire. But another effect of the pandemic – which could have longer-term ramifications – is what it has done to fleet plans and aircraft ratings. …

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Business bankruptcies delayed until virus carnage is resolved

The Covid-19 pandemic has pushed major consumer brands such as Neiman Marcus, J. Crew and Gold’s Gym into bankruptcy, but a much larger wave of corporate restructuring is still far away. The reason: Unprecedented restrictions combined with government assistance make it difficult to forecast future demand, determine which companies might …

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