|June 14-20, 2021|
|Type of Case||Filings||Percent Change From Same Week in 2020||Percent Change From Same Week in 2019|
|*Ch. 9, 12,15|
Weekly filing data compiled from PACER and is subject to slight revisions.
For exclusive analysis and insight by ABI's Ed Flynn on the weekly filings, please click here.
For past reports, please click here.
- A New Challenge for Debtors Who Received PPP Loans Under the CARES Act
Can lenders refuse to forgive PPP loans when small businesses have filed for bankruptcy?
- Update on the Proposed Extension of the PPP Loan Program - Gotta Read That Fine Print!
On October 1, 2020, Senators Rubio and Collins reintroduced a different version of the Initial Proposed PPP III Legislation, S. 4773 (the “Amended PPP III Legislation”).
- Proposed Extension of the PPP Loan Program: A Nice First Step….
Whether Congress extends the PPP Loan Program is up in the air, but questions remain about whether the proposed legislation is the right approach.
- This DIP Loan Brought to You by Someone Who CARES - Part Two 1/2
Let’s be candid: $659 billion just doesn’t go as far as it used to. In just two short weeks, the entire $349 billion allocation for small business loans under the landmark CARES Act Payroll Protection Program (PPP), part of the single-largest government stimulus package in history, was completely exhausted by the onslaught of distressed businesses (the “PPP I Loans”).
- $659 Billion Disbursed Without Underwriting, Collateral or Guarantees: What Could Possibly Go Wrong?
The already notorious Paycheck Protection Program (PPP)is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). $349 billion of PPP funding became available on Friday, April 3, and less than two weeks later all $349 billion was disbursed or committed to being disbursed. Congress then passed legislation adding $310 billion of PPP funding.
- This DIP Loan Brought to You by Someone Who CARES - Part II.
As PPP "Part II" loans are anticipated to be exhausted in 72 hours by small businesses struggling during the financial distress of the COVID-19 pandemic, will there be a "Part III, IV and V" on the horizon for the program? Read Stinson LLP's Tom Salerno provides his take in "This DIP Loan Should Be Brought to You by Someone Who CARES," Part Two.
- Title: 8 Predictions of the Coronavirus' Impact on the Bankruptcy World
Thomas J. Salerno of Stinson, LLP (Phoenix) and G. Neil Elsey of Avion Holdings, LLC (Scottsdale, Ariz.). proffer eight predictions as to how COVID-19 will alter the restructuring landscape in both the near term (and possibly longer).
- COVID-19: Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis
- This DIP Loan Brought To You By Someone Who CARES!
According to a special ABI commentary by Thomas J. Salerno, Gerald Weidner, Christopher Simpson and Susan Ebner of Stinson, there could be another substantial implication of the CARES Act for the brave new bankruptcy world: a new potential source of DIP financing.
Longview Power Files for Bankruptcy
West Virginia’s Longview Power has filed for bankruptcy, the Associated Press reported. The coal-fired plant operator on Tuesday announced that it filed for chapter 11,…
Best Buy to Furlough 51,000 Hourly U.S. Store Employees
Best Buy Co. Inc. said yesterday that it would furlough about 51,000 hourly U.S. store employees and that its sales dropped about 5 percent in the first two months of the…
J.C. Penney Skips Bond Payment, Starting Bankruptcy Clock
J.C. Penney Co. said that it skipped a $12 million interest payment owed to bondholders, one of the first major retailers to buckle under the strains of the coronavirus…
Judge Voids Puerto Rico Pension Law, Delays Effective Date Due to Coronavirus
A U.S. judge ruled yesterday that bankrupt Puerto Rico cannot fund more than $300 million in annual pension and health costs for its municipalities, but suspended the…
Small-Business Aid Program Set to Run Out of Money
A small-business loan program designed to back workers’ paychecks has exhausted most of its funding, ramping up pressure on congressional Democrats and Republicans…
U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut
The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some…
The Impact of COVID-19 on the U.S. Travel Economy
Oxford Economics, in coordination with its Tourism Economics subsidiary company, modeled the expected downturns in the US travel industry in 2020 as a result of Coronavirus.…
The Impact of COVID-19 on the U.S. Travel Economy
An April 15 analysis by Oxford Economics for the U.S. Travel Association models the economic impacts of the travel industry from expected downturns in terms of GDP,…
NADA Issues First Quarter 2020 Analysis of Auto Sales
As the first quarter of 2020 has come to a close, the National Automobile Dealers Association (NADA) issued an analysis of U.S. auto sales and the economy, including the…
Coronavirus Impact Ripples Across Farm Country
From dairy farmers with nowhere to send their milk and cattle ranchers reeling from plummeting beef prices, the impact of the coronavirus is rippling through farm country.…
Thomas J. SalernoStinson LLP (Phoenix, AZ)
It is time for the federal government to stop asserting positions that only harm the very constituency that the CARES Act was intended to assist, create burdens on an already stressed court system, and create additional fees, costs and delays for borrowers in bankruptcy.
Stephen LernerSquire Patton Boggs (Cincinnati, OH)
The impact on U.S. business is already severe. The bankruptcy and restructuring landscape is likely to be altered in ways that may not be easy to predict.
Christopher A. WardPolsinelli (Wilmington, DE)
Although a bankruptcy filing may keep the doors open, the cost of a bankruptcy can be overwhelming when you may have been able to address the situation through an alternative pay arrangement with your landlord.
COVID-19 Legal Information
- Summary of the Proposed HEALS Act by ABI's Legislation Committee
- Preliminary Injunction, Hildago County Emergency Service Foundation v Carranza, SBA Administrator (USBC ND Tex., May 8, 2020)
- TRO Against SBA Administrator (KP Engineering; USBC, SD Tex., May 6, 2020)
- Motion for TRO; PCT International v. SBA Administrator (USBC; D. AZ)
- The Springfield Hospital TRO against SBA Administrator and Memorandum of Decision (April 20, 2020; USBC, D. Vermont)
- Penobscot Valley Hospital v. Carranza (In re Penobscot Valley Hospital), Adv. No. 20-AP-1005 (Bankr. D. Me.)
What is a novel coronavirus?
A novel coronavirus is a new coronavirus that has not been previously identified. The virus causing coronavirus disease 2019 (COVID-19) is not the same as the coronaviruses that commonly circulate among humans and cause mild illness, like the common cold.
How can I help protect myself?
Visit the CDC's COVID-19 Prevention and Treatment page to learn about how to protect yourself from respiratory illnesses, like COVID-19.
How can I prepare for COVID-19 at work?
Plan for potential changes at your workplace. Talk to your employer about their emergency operations plan, including sick-leave policies and telework options.
Learn how businesses and employers can plan for and respond to COVID-19 at the CDC.