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Wednesday, June 17, 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
C.D. Cal.6/16/2020Upgrade Labs Inc., a Delaware Corporation20-15422Robert P. Goe$1M - $10M$1M - $10M
N.D. Tex.6/16/2020Circle L Construction, Inc.20-42073David Ritter$500k - $1M$1M - $10M
N.D. Tex.6/16/2020Shawnee Construction, LLC20-42072David Ritter$1M - $10M$1M - $10M
D. Nev.6/16/2020BCG Ownco, LLC20-12880Matthew C. Zirzow$1M - $10M$10M - $50M
D. Nev.6/16/2020BGD LV Holding, LLC20-12876Matthew C. Zirzow$0 - $50k$0 - $50k
D. Nev.6/16/2020BRG Holding, LLC20-12879Matthew C. Zirzow$1M - $10M$10M - $50M
D. Nev.6/16/2020Metal Partners Rebar, LLC20-12878Matthew C. Zirzow$10M - $50M$50M - $100M
D. Nev.6/16/2020Resort Legal Team, Inc.20-12881David J. Winterton$1M - $10M$100k - $500k
S.D. Ind.6/16/2020Rock Church of the Wabash Valley, Inc20-80240B Scott Skillman$100k - $500k$100k - $500k
D. Mont.6/16/2020Better Than Logs Inc.20-20160Matt Shimanek$50k - $100k$1M - $10M
D. Del.6/15/2020Table Mountain Resources, LLC20-11555Marc R. Abrams> $1B> $1B
D. Del.6/15/2020Table Mountain Resources, LLC20-11555Marc R. Abrams> $1B> $1B
D. Del.6/15/2020XOG Services, LLC20-11556Marc R. Abrams> $1B> $1B
D. Del.6/15/2020XOG Services, LLC20-11556Marc R. Abrams> $1B> $1B
D. Del.6/15/2020XTR Midstream, LLC20-11557Marc R. Abrams> $1B> $1B
D. Del.6/15/2020XTR Midstream, LLC20-11557Marc R. Abrams> $1B> $1B
C.D. Cal.6/15/2020Power Bail Bonds, Inc.20-14155Douglas A. Plazak$50M - $100M$1M - $10M
C.D. Cal.6/15/2020S & S 126 INVESTMENT, LLC20-11069Matthew Abbasi$0 - $50k$0 - $50k
N.D. Ill.6/15/2020BHF Chicago Housing Group B LLC20-12453Kevin H. Morse$10M - $50M$50M - $100M
M.D. Fla.6/15/2020First Choice Healthcare Solutions, Inc.20-03355Esther McKean$1M - $10M$1M - $10M

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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