The group reported 560 commercial Chapter 11 filings in April, a 26% increase from last year. A man walks past a store going out of business on May 5, 2020 in the Brooklyn borough in New York City. The coronavirus pandemic has pushed many struggling companies over the edge and into bankruptcy.
Why did contract drilling company file for bankruptcy?
The contract drilling company filed for Chapter 11 bankruptcy on April 26. The Houston-based company named low oil demand amid the coronavirus outbreak and the “price war” between OPEC and Russia as factors that caused its business to decline.
Who are the companies that have filed for bankruptcy?
The Dallas-based company expects to emerge from bankruptcy by Aug. 1. It was bought in 2004 by TRT Holdings for $158 million. Gold’s Gym operates nearly 700 gyms around the world. The satellite operator announced Wednesday that it filed for bankruptcy protection.
What was the number of bankruptcy filings in April?
The slowdown has hit some industries harder than others. The number of bankruptcy filings has risen sharply, with little revenue coming in, according to data from the American Bankruptcy Institute. The group reported 560 commercial Chapter 11 filings in April, a 26% increase from last year.
Chapter 11 bankruptcy allows embattled businesses a limited period of time to restructure their finances and maximize returns to creditors and investors. Hundreds of major corporations have filed for Chapter 11 over the years: Some, like General Motors and United Airlines, survived the process, while others like Lehman Brothers did not.
Who are the brands that survived Chapter 11 bankruptcy?
Back from the dead: 7 retail brands that survived Chapter 11 bankruptcy 1 American Apparel 2 Circuit City 3 Eddie Bauer 4 Linens ‘n Things 5 RadioShack 6 The Sharper Image 7 Wet Seal
Why did so many retailers file for bankruptcy?
Hamstrung by disappointing holiday season sales, unseasonably mild winter weather and the strong U.S. dollar, retailers suffered one of the most disappointing stretches in recent memory, culminating in a series of Chapter 11 bankruptcy filings.
When did American Apparel file for bankruptcy protection?
Whether celebrated for its progressive labor practices or criticized for its provocative, racy advertising, American Apparel rarely strays far from the headlines, and its Oct. 5, 2015 Chapter 11 bankruptcy protection filing was no exception.
