Bankruptcy & Restructuring News Headlines for Monday May 11, 2020

Here's what we are reading this morning:

Noble Corporation plc: "we have engaged Evercore as a financial advisor and are actively working with them to evaluate alternatives to enhance our liquidity position and reduce our total amount of debt and corresponding interest costs. These alternatives include, but are not limited to, potential capital exchange transactions as well as a more comprehensive debt restructuring."

Department stores had an insane week. Here's everything that happened

Large Corporate Committee of Bankruptcy Scholars Letter to Congress

Liz Ann Sonders (Charles Schwab): "Important caveat in BLS report “If the workers who were recorded as employed but absent from work due to “other reasons” had been classified as unemployed on temporary layoff, the overall unemployment rate would have been almost 5 percentage points higher than reported”" / Twitter

Michael McDonough (Chief Economist, Financial Products at Bloomberg LP): "U.S. Unemployment Rate by Education Level" [Chart]

Rick Green (Bloomberg): "Cengage CEO says he considers all options including restructuring after McGraw-Hill Education merger falls apart. He offers a bleak view of college finances: Permanent closings at risk 'cuz students can't pay." / Twitter

Exclusive: J.C. Penney to file for bankruptcy as soon as next week, sources say - Reuters

Rural retail chain owner Stage Stores prepares for bankruptcy that could come as soon as next week - CNBC

COVID-19 Disrupts Brand Loyalties | AlixPartners

Locked Down: How the Coronavirus Drove a Record Rise in Unemployment - WSJ

Demand for Small-Business Loans Cools - WSJ

GDPNow - Federal Reserve Bank of Atlanta: Latest estimate: -34.9 percent — May 8, 2020

J.C. Penney Talks With KKR, Ares, Lenders on Bankruptcy Loan - Bloomberg

The Terrible Jobs Report Gets Worse The More You Read It | FiveThirtyEight

Virus Pushes America’s Hospitals to the Brink of Financial Ruin - Bloomberg

Minimizing Exposure: Practical Tips for Dealing with Financially Distressed Customers - Morgan Lewis

Colombia’s Avianca Files for Bankruptcy as Coronavirus Grounds Flights - WSJ

The bankruptcy court in Pier 1 Imports issued an opinion on Sunday regarding the debtors' motion to suspend their chapter 11 cases due to COVID-19 closures

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