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Tuesday, June 16, 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
D. Del.6/15/202024 Denver LLC20-11565Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 Hour Fitness Holdings LLC20-11562Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 Hour Fitness United States, Inc.20-11560Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 Hour Fitness USA, Inc.20-11561Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 Hour Holdings II LLC20-11559Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 New York LLC20-11564Laura Davis Jones> $1B> $1B
D. Del.6/15/202024 San Francisco LLC20-11563Laura Davis Jones> $1B> $1B
D. Del.6/15/2020Alliance One International, LLC20-11571Pauline K. Morgan> $1B> $1B
D. Del.6/15/2020Alliance One North America, LLC20-11572Pauline K. Morgan> $1B> $1B
D. Del.6/15/2020Alliance One Specialty Products, LLC20-11573Pauline K. Morgan> $1B> $1B
D. Del.6/15/2020GSP Properties, LLC20-11569Pauline K. Morgan> $1B> $1B
D. Del.6/15/2020Proteus Digital Health, Inc.20-11580L. Katherine Good$100M - $500M$50M - $100M
D. Del.6/15/2020RS FIT CA LLC20-11567Laura Davis Jones> $1B> $1B
D. Del.6/15/2020RS FIT Holdings LLC20-11566Laura Davis Jones> $1B> $1B
D. Del.6/15/2020RS FIT NW LLC20-11568Laura Davis Jones> $1B> $1B
S.D.N.Y.6/15/2020BKD Group LLC20-11423David H. Hartheimer$0 - $50k$1M - $10M
E.D.N.Y.6/15/2020Malinki Slonik LLC20-72239Rafi Hasbani$100k - $500k$100k - $500k
E.D.N.Y.6/15/2020MCSS Rest. Corp. (Second Filing)20-42342Lawrence F. Morrison$500k - $1M$1M - $10M
S.D.N.Y.6/15/2020RM Bakery LLC20-11422David H. Hartheimer$1M - $10M$1M - $10M
C.D. Cal.6/15/2020S & S 126 INVESTMENT, LLC20-11069Matthew Abbasi$0 - $50k$0 - $50k

View All Filings
Featured Article

Hertz Moves Forward With First Ever Initial Bankruptcy Offering

Hertz Global Holdings Inc. (NYSE:HTZ) may have filed for bankruptcy, but it has not stopped fighting. On June 11, the beleaguered rental car company did the seemingly unthinkable: it petitioned the judge overseeing its bankruptcy proceedings to allow it to raise cash by selling off "246,775,008 shares of common stock through at-the-market transactions under Hertz's existing shelf registration." On June 12, Judge Mary Walrath gave Hertz the greenlight to raise up to $1 billion through equity sales.

Mere minutes after news of Judge Walrath's approval hit the newswire, Zero Hedge officially declared it the "World's First Initial Bankruptcy Offering." Such an "IBO" (if I may be so bold as to coin the term) is without precedent. If it succeeds as more than just a Ponzi scheme, it will carry financial markets into wholly uncharted waters. There may be dangers lurking on those stranger tides.

The sheer audacity of a company in the midst of bankruptcy proceedings attempting a stock offering left even the most seasoned financial analysts and market commentators stunned. Charley Grant, the Wall Street Journal's always-insightful stock market reporter, expressed this widely felt sentiment succinctly in a June 11 tweet: "My head hurts. A lot."

Read the full article

Yahoo Finance Published June 15, 2020.

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