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Monday, May 18, 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
S.D.N.Y.5/18/2020Centric Brands Inc.20-22637Gregg M. Galardi> $1B> $1B
D. Del.5/17/202016th Street Pompano Beach, LLC20-11131Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020CCC Spotting, LLC20-11121Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020CCC Transportation, LLC20-11122Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020Charlotte Avenue Auburndale, LLC20-11132Stuart M. Brown$1M - $10M$1M - $10M
D. Del.5/17/2020Coastal Transport Logistics, LLC20-11123Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020Comcar Industries, Inc.20-11120Stuart M. Brown$50M - $100M$50M - $100M
D. Del.5/17/2020Comcar Logistics, LLC20-11133Stuart M. Brown$1M - $10M$0 - $50k
D. Del.5/17/2020Commercial Carrier Logistics, LLC20-11124Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020Cortez Blvd. Brooksville, LLC20-11134Stuart M. Brown$100k - $500k$1M - $10M
D. Del.5/17/2020CT Transportation, LLC20-11125Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020CTL Distribution Logistics, LLC20-11126Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020CTL Transportation, LLC20-11127Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020CTTS Leasing, LLC20-11119Stuart M. Brown$50M - $100M$10M - $50M
D. Del.5/17/2020East Broadway Tampa, LLC20-11135Stuart M. Brown$0 - $50k$10M - $50M
D. Del.5/17/2020East Columbus Drive Tampa, LLC20-11136Stuart M. Brown$1M - $10M$1M - $10M
D. Del.5/17/2020Fleet Maintenance Services, LLC20-11128Stuart M. Brown$0 - $50k$50k - $100k
D. Del.5/17/2020MCT Transportation, LLC20-11129Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020Midwest Coast Logistics, LLC20-11130Stuart M. Brown$0 - $50k$0 - $50k
D. Del.5/17/2020New Kings Road Jacksonville, LLC20-11137Stuart M. Brown$1M - $10M$1M - $10M
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

All the Fashion and Beauty Brand Closures and Bankruptcies Caused by the Pandemic

J.C. Penney Post-Bankruptcy Plan Includes Closing 29% of Stores

Comcar Files for Chapter 11, Plans to Sell Five Subsidiaries

Centric Brands Files for Voluntary Bankruptcy with $435 Million of DIP Financing and Plan to Go Private

How can a “Special Purpose Entity” Borrower Ever File Bankruptcy if Independent Directors Must Approve the Filing?

As Fort Worth’s American Airlines Battles COVID, are Bankruptcy or Job Cuts Possible?

PG&E Says Wildfire Victims Back Settlement in Bankruptcy

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