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Thursday, May 14, 2020

Welcome to the Bankruptcy
Today Newsletter.

Your daily access to recent significant Chapter 11 case filings, relevant restructuring news and samples of some of our current distressed company profiles.

Featured Recent Filings

CourtFiledDebtorCase NoAttorneyAssetsLiabilities
E.D. Va.5/14/2020Intelsat S.A.20-32299Michael A. Condyles> $1B> $1B
E.D.N.Y.5/13/202013 Marcus Garvey LLC (Second Filing)20-42043Vivian Sobers, Esq.$1M - $10M$1M - $10M
M.D. Fla.5/13/2020Adelsa Auto Finance Inc.20-02697Aldo G. Bartolone$0 - $50k$1M - $10M
D. Nev.5/13/2020LAREDO INVESTMENTS LLC20-12312Michael J. Harker$500k - $1M$100k - $500k
D. Ariz.5/13/2020Alamo Chandler LLC20-05017Wesley D. Ray$1M - $10M$1M - $10M
D. Ariz.5/13/2020Alamo Gilbert LLC20-05020Wesley D. Ray$1M - $10M$1M - $10M
D. Ariz.5/13/2020Alamo Tempe LLC20-05026Wesley D. Ray$1M - $10M$500k - $1M
N.D. Ind.5/13/2020Midwest Training and Ice Center, Inc.20-20990Shawn D. Cox, Esq.$0 - $50k$500k - $1M
W.D. La.5/13/2020Toledo Town Recreation II, LLC20-50407D. Patrick Keating$1M - $10M$1M - $10M
E.D. Va.5/13/2020Intelsat Connect Finance S.A.20-32295Michael A. Condyles> $1B> $1B
E.D. Va.5/13/2020Intelsat Virginia Holdings LLC20-32294Michael A. Condyles> $1B> $1B
D. Del.5/12/2020Bamboo Sushi NE Alberta, LLC20-11095Domenic E. Pacitti$500k - $1M$50k - $100k
D. Del.5/12/2020Bamboo Sushi, LLC20-11090Domenic E. Pacitti$1M - $10M$100k - $500k
D. Del.5/12/2020Quickfish Avanti (Bamboo Sushi Avanti), LLC20-11094Domenic E. Pacitti$0 - $50k$0 - $50k
D. Del.5/12/2020Quickfish Pearl District, LLC20-11091Domenic E. Pacitti$0 - $50k$100k - $500k
D. Del.5/12/2020Quickfish Slabtown, LLC20-11093Domenic E. Pacitti$0 - $50k$0 - $50k
D. Del.5/12/2020Quickfish, LLC20-11089Domenic E. Pacitti$0 - $50k$0 - $50k
D. Del.5/12/2020SRG Operations, LLC20-11088Domenic E. Pacitti$0 - $50k$100k - $500k
D. Del.5/12/2020Sustainable Restaurant Holdings, Inc.20-11087Domenic E. Pacitti$0 - $50k$100k - $500k
D. Del.5/12/2020Sustainable Restaurant Holdings, Inc.20-11087Domenic E. Pacitti$0 - $50k$100k - $500k
Featured Article

Bankruptcy Amendments Could Help Businesses After Coronavirus

The coronavirus pandemic is spurring serious chain reactions on businesses and bankruptcies are inevitable. Although bankruptcy courts have already been granting extraordinary relief to delay sales and other transactions handicapped due to Covid-19, Proskauer Rose attorneys say the Bankruptcy Code should be changed to save more businesses from the pandemic’s fallout.

The coronavirus pandemic has a still unfolding and unprecedented global impact on daily lives, businesses, and economies. Most Americans are ordered to stay home. Scores of businesses are unable to operate while other businesses’ customers have no money to spend. Chain reactions await.

For instance, the restaurant or movie theater defaults on rent owed the landlord which then defaults on its mortgage payments. That syndrome triggers defaults of mortgage backed securities. Heightened market volatility pending the unknowable timing of therapies, vaccines, and public willingness to resume normalcy, renders a wave (or tsunami) of bankruptcies fairly inevitable. But ironically, at present, bankruptcy liquidation sales cannot even occur because no one is allowed to attend, except online.

Read the full article

Bloomberg Law by Martin J. Bienenstock & Maja Zerjal. Published May 14, 2020.

Latest News

Hard Seltzer Company Files for Chapter 11 Bankruptcy

Intelsat Files for Bankruptcy.

JCPenney Gives Executives Bonuses Ahead of Deadline for Possible Bankruptcy Filing

More Oil And Gas Companies May Seek Bankruptcy Protection

Delaware Bankruptcy Court Rules Shareholder “Blocking Right” to Prevent Corporate Bankruptcy Subordinate to Federal Public Policy

Summer Camp Files for Bankruptcy as Parents Clamor for Refunds: ‘I think it’s going to be like getting blood from a stone.’

J.C. Penney Bankruptcy: Retailer Could Reportedly Close a Quarter of Its Stores Due to $4B Debt from Coronavirus Shutdown

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