It is now widely known that the novel coronavirus (COVID-19) pandemic changed society for a variety of industries, whom either have deteriorated significantly or now cease to exist.
A local group of bankruptcy judges and insolvency professionals has published recommendations for ways that the U.S.
The new year brings several changes to bankruptcy practice through the enactment of the Consolidated Appropriations Act, 2021 (CAA), which augments the CARES Act by expanding the Paycheck Protection Program (PPP), adding stimulus programs and installing coronavirus relief valves for troubled sectors of the economy. Those relief valv
Co-Chair Corner: Year in Review
The hotel industry has suffered significantly since the outset of the COVID-19 pandemic. Occupancy rates for hotels in urban areas in August 2020 were down to 38% compared to 89% in August 2019. Many hotels, particularly those in New York, were forced to furlough staff in response to local requirements and economic pressures.
Many professionals anticipate that valuation will be the fulcrum issue in the upcoming wave of chapter 11 cases, and creative advocacy will be at a premium.
Traditional Valuation Approaches and the Bankruptcy Code
With the mandatory government shutdown orders, surges in unemployment affecting rental demand, prices declining and companies driven to shift their workforce to remote work, 2020 has certainly left a mark on commercial leases.
On March 17, 2020, in response to the COVID-19 pandemic to protect its customers and employees, J.C. Penney opted to close all of its stores and decrease supply chain operations. Then, in mid-May, J.C. Penney and its affiliates (the debtors) filed for chapter 11 protection in the U.S.
In a significant recent decision in the Alta Mesa chapter 11 case, Bankruptcy Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) held that the debtors’ midstream oil and gas gathering agreements constituted real property covenants “running wi
On January 29, 2019, PG&E Corporation (“PG&E”) and its primary operating subsidiary, Pacific Gas and Electric Company (“Debtors”), were forced to file for bankruptcy protection as a result of disastrous wildfires that occurred in Northern California in 2017 and 2018 which gave rise to billions of dollars in liabilities against the power giant.
Simpson Thacher & Bartlett
New York, NY
Smiley Wang-Ekvall, LLP
Costa Mesa, CA
Cole Schotz P.C.
Lowenstein Sandler LLP
Special Projects Leader
Perkins Coie LLP