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Friday, May 15, 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
N.D.N.Y.5/14/2020Multimedia Advertising Services, LLC20-60558Peter A. Orville$0 - $50k$500k - $1M
S.D. Tex.5/14/2020Keystone Gas Gathering, LLC (Second Filing)20-32633Matthew D. Cavenaugh> $1B> $1B
N.D. Tex.5/14/2020New Emerald Energy, LLC20-41754Mark Andrews$10M - $50M$10M - $50M
S.D. Tex.5/14/2020Ultra Petroleum Corp. (Second Filing)20-32631Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020Ultra Resources, Inc. (Second Filing)20-32632Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020Ultra Wyoming LGS, LLC (Second Filing)20-32638Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020Ultra Wyoming, LLC (Second Filing)20-32635Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020UP Energy Corporation (Second Filing)20-32636Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020UPL Pinedale, LLC (Second Filing)20-32637Matthew D. Cavenaugh> $1B> $1B
S.D. Tex.5/14/2020UPL Three Rivers Holdings, LLC (Second Filing)20-32634Matthew D. Cavenaugh> $1B> $1B
S.D. Fla.5/14/202078 Avenue Glendale LLC (DE)20-15329Joel M. Aresty$500k - $1M$1M - $10M
D.N.J.5/14/2020All American Demolition and Dismantling, LLC20-16552Bruce H. Levitt, Esq.$500k - $1M$1M - $10M
D. Colo.5/14/2020SR Clarke & Associates, LLC20-13318Jonathan M. Dickey$0 - $50k$100k - $500k
D. Haw.5/14/2020Pacific Rim Property Service Corporation (Second Filing)20-00557Pro Se$500k - $1M$50k - $100k
E.D. Va.5/14/2020Intelsat (Luxembourg) S.A.20-32296Michael A. Condyles$10M - $50M$10M - $50M
E.D. Va.5/14/2020Intelsat Envision Holdings LLC20-32297Michael A. Condyles> $1B> $1B
E.D. Va.5/14/2020Intelsat Investment Holdings S.à.r.l.20-32300Michael A. Condyles> $1B> $1B
E.D. Va.5/14/2020Intelsat S.A.20-32299Michael A. Condyles> $1B> $1B
E.D. Va.5/14/2020Intelsat S.A.20-32299Michael A. Condyles> $1B> $1B
E.D. Va.5/14/2020Intelsat US LLC20-32298Michael A. Condyles> $1B> $1B
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.

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