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
