Bankruptcy & Restructuring News Headlines for Wednesday Apr 29, 2020

Here's what we are reading this morning:

How Tupperware Lost Its Grip on America’s Kitchens - WSJ

2020 Coronavirus Outbreak Could Be Worst Ever Year for Airlines - Bloomberg

Halting the No. 2 Economy Was Easy. Restarting It Is Hard - WSJ

Advantage Rent A Car Files for Bankruptcy - Legal & Legislative - Auto Rental News

Hornbeck Offshore Strikes Forbearance Deal With Lenders - WSJ

U.S. Shale Drillers Could Be Casualties of Oil Price War - WSJ

Distressed-Debt Investors Crack Open Wallets Amid Market Rout - Bloomberg

Rivers Des Plaines to Launch Sports Betting in Illinois on Monday

Stitch Fix (SFIX) reports second quarter fiscal 2020 sales miss

Oil plunges 24% for worst day since 1991 after OPEC deal failure sparks price war

Coronavirus prompts Delta, American to cut flights, freeze hiring

Frontier Plans to Skip Bond Payments in Runup to Bankruptcy - Bloomberg

Coal Supplier Foresight Energy Files For Bankruptcy, Citing Coronavirus - WSJ

Debt Poses Threat to Some Hotel Owners as Markets Slide - WSJ

Dick’s Sporting Goods is pulling guns from another 440 stores this year

Italy Plans Debt Moratorium to Cope With Coronavirus Lockdown - WSJ

How Outdoor Voices, a Start-Up Darling, Imploded - The New York Times

Solar panel company lays off employees, files Chapter 7 bankruptcy - BusinessDen

ANALYSIS: Courts Issue Range of Orders Responding to Coronavirus

How Your Airbnb Host Is Feeling the Pain of the Coronavirus - The New York Times

White House likely to pursue federal aid for shale companies hit by oil shock downturn - The Washington Post

Coronavirus drives United Airlines US bookings down 70%

Shale Driller Alta Mesa’s Bankruptcy Sale in Doubt Over Oil Collapse - WSJ

Restaurants struggle to survive as coronavirus turns Seattle into a ghost town - CNN

Gov. Inslee to restrict gatherings of more than 250 people, including sports and concerts | The Seattle Times

‘Downright frozen’: DTC funding environment tightens in the age of coronavirus | Modern Retail

Retail marks milestone: Storefronts peddling services overtake those selling clothes and other goods

Coronavirus: At least 150 companies have warned investors

Real Estate Insider: Art Van landlords face possible loan defaults

Boeing Will Draw Down $13.8 Billion Loan to Stockpile Cash - Bloomberg

Robinhood App Maxed Out Credit Line Last Month in Market Tumult - Bloomberg

Neiman Marcus to shutter almost all Last Call off-price stores | Retail Dive

Washington state and San Francisco ban large gatherings to slow the coronavirus outbreak

Coronavirus: US shoe imports from China see worst January in decade

Hedge fund Solus to close flagship investment vehicle | Financial Times

Hilton to Draw Down Part of $1.75 Billion Line as Virus Spreads - Bloomberg

Modell’s Sporting Goods Voluntarily Files for Chapter 11 Bankruptcy Protection | Business Wire

Restrictions on Visitors to Courthouses | Middle District of Alabama | United States Bankruptcy Court

Coronavirus Puts Back-to-School Shopping on the ‘Do It Now’ List

The United States District Court for the District of Maryland has issued Standing Order 2020-02 concerning restrictions on visitors to the U.S. Courthouses

Coronavirus may hinder Eldorado's acquisition of Caesars

China’s No.3 Battery Maker Says Auto Recovery Needed by May - Bloomberg

Coronavirus May Light Fuse on ‘Unexploded Bomb’ of Corporate Debt - The New York Times

Zenabis Global Cuts 22% Of Staff, Plans To Sell Facility | the deep dive

A Seattle Chef Will Close 12 Restaurants Over Coronavirus Fears, Cites 90% Drop in Business

General Order M-540: Restrictions on Visitors to U.S. Bankruptcy Courthouse for the Southern District of New York

U.S. Travel Ban Is Expected to Snarl Trans-Atlantic Airfreight - WSJ

China Car Market Probably Reached Bottom Last Month, Group Says - Bloomberg

Rochester Drug Cooperative files for Chapter 11 | WXXI News

Hotels Turn to Layoffs, Room Rate Cuts as Business Staggers - WSJ

Virus-Hit Travel Sector Starts Tapping $73 Billion Loan Cushion - Bloomberg

Chicago businesses hit hard by COVID-19 concerns | WGN-TV

Chicago-area coronavirus closures, cancellations: Schools, festivals, government and more

Grubhub suspends commissions it charges restaurants - Chicago Tribune

Joymode's Founder Tried to Build the Amazon of Rentals. Now, He Needs to Sell--Fast |

Fashion’s Coronavirus Collapse – WWD

Big Lots downgraded as competitive position weakens | Retail Dive

ESPN scrambling for programming amid coronavirus sports shutdown

Already Hit by Coronavirus, Retailers Now Worry About Demand – Adweek

Delta announces its biggest flight capacity cuts in history -- even deeper than after 9/11 - CNN

Lifelines Fray for Companies That Were on Brink Before Meltdown - Bloomberg

Coronavirus: AMC puts capacity cap on theaters

Patagonia is closing all of its stores because of the coronavirus

King of Prussia Mall defies Pa. governor’s closure request; liquor stores remain open

Restaurant owners looking for rent relief over coronavirus slowdown

OpenTable Data Center: Restaurant Performance Data

MGM Resorts International Statement On Temporary Closure Of Las Vegas Properties

CDC recommends canceling events with 50 or more people for 8 weeks throughout US

Federal Reserve cuts rates to zero and launches $700 billion quantitative easing program

Chicago Chefs Shaken By Pritzker Order To Close | WBEZ

These retailers are closing stores to slow coronavirus outbreak

Coronavirus Resources | Morrison & Foerster

Kris Van Cleave (CBS Transportation Correspondent): "United to cut capacity by 50% for April, May and likely beyond. Corporate officers take a 50% pay cut. Airline anticipating load factors in the 20-30% range, #coronavirus estimated to cost the airline $1.5bn in March. 1 million fewer passengers so far in March vs 2019" / Twitter

U.S. Restaurants Employ 15.6 Million Americans: National Restaurant Association

Bankrupt grocer Fairway Group was scheduled to have an in-person auction for its 363 sale on Monday in NYC. Per a Sunday court filing, the auction is now taking place as a virtual auction "due to the public health concerns associated with the Coronavirus"

Without Bankruptcy, States Step In To Help Insolvent Pot Cos. - Law360

Former Delaware U.S. Bankruptcy Court Judge Kevin Gross Joins Richards, Layton & Finger

Northern District of Texas Bankruptcy Court General Order 2020-05: Court Operations Under Exigent Circumstances

Whiting Petroleum Corporation Prioritizes Cash Flow and Announces $185 Million Reduction to 2020 Capital Budget | Whiting Petroleum Corp.

Movie Ticket Sales Fall to Historic Low - The New York Times

Millions of Americans could lose their jobs in a coronavirus recession

Oil Crash Is Bad News for Regional Banks That Went Big on Energy - WSJ

Big Shale Borrowers on Fast Track to Junk in Latest Oil Rout - Bloomberg

Retail store closures in the US could explode because of coronavirus

Tracking the Effect of the Coronavirus on Global Consumer Confidence

Chefs, Restaurant Owners Come Together To Ask City, State — And You — For Help During Coronavirus Shutdown – Block Club Chicago

Update on Debt Funding and Other Matters | Carnival Corporation & plc

Art Van Furniture's creditors' committee formation meeting cancelled, committee formation process to now take place via email and telephone interviews

US ski resorts follow Europe in sudden suspension of all operations | CNN Travel

Coronavirus update: San Francisco orders residents to stay inside, except for essential needs

Coronavirus stimulus: White House grapples with which industries deserve aid

Universal to release movies online while they are in theaters, starting with 'Trolls World Tour'

Bay Area ‘shelter in place’ expected: Only essential businesses open in 6 counties with 6.7 million people until April 7 -

Kasie Hunt (NBC News): "NY Governor Cuomo says he doesn’t think NY area can flatten the curve enough to avoid overwhelming the health care system" / Twitter

Airlines Seek $50 Billion in Government Aid Amid Coronavirus Crisis - WSJ

Fiscal contagion of COVID-19 in Chicago widens | Bond Buyer

IWIRC Spring Annual Conference Cancelled

A Frantic Few Days for Restaurants Is Only the Beginning - The New York Times

Caesars begins layoffs in Las Vegas amid COVID-19 business impact | Las Vegas Review-Journal

Virgin Atlantic says it is cutting flights by 80% and parking 75-85% of its aircraft

VF Corporation Provides Update on Global Business Impact of COVID-19

Coronavirus could be the tipping point for industries already suffering from disruption like movie theaters and gyms

Regal to Close All U.S. Theaters Indefinitely Amid Coronavirus Pandemic | Hollywood Reporter

GM offers 0% financing for 7 years, delayed payments amid coronavirus

U.S. car buyers may get a break on loans as coronavirus threatens auto sales - Reuters

EP Energy’s Apollo-Backed Financing Collapses After Oil Rout - WSJ

"Feels like we are going to see more bankruptcy situations that are reminiscent of Delphi in 2008. Confirmed a plan that would have paid general unsecured creditors par + accrued interest but the financing evaporated and that plan never went effective." / Twitter

INAP Takes Action to Strengthen Capital Structure for the Future, Entering into Restructuring Support Agreement with Ad Hoc Lender Group | State |

American Airlines Is in Talks to Borrow Billions Amid Pandemic - Bloomberg

Delta Is in Talks to Borrow Up to $4 Billion Amid Virus Impact - Bloomberg

Frontier Communications to Skip Interest Payments While Pursuing $17 Billion Restructuring - WSJ

Coronavirus to inflict $3.2 billion tax revenue loss on New York City, says Comptroller Scott Stringer, urging spending cuts - New York Daily News

Federal Reserve Board announces establishment of a Commercial Paper Funding Facility

Arena closing adds to pressure on Barclays Center's junk bonds | Bond Buyer

Exclusive: Shale gas pioneer Chesapeake Energy taps restructuring advisers - sources - Reuters

Costco buys logistics firm Innovel for $1 billion - Reuters

Celebrity Restaurateur Tom Colicchio: "If 75% of restaurants reopen after this, I'd be surprised"

Chinese economy suffers record blow from coronavirus | Financial Times

Bankruptcy Courts Adjust How They’ll Tend to Battered Companies - Bloomberg

Costco Acquires Innovel Solutions from Transform Holdco (Sears) for $1 Billion

Coronavirus Pushes Factories to Stagger Shifts, Separate Workers - WSJ

UAW calls for two-week shutdown of Big 3 auto plants

Marriott Begins Furloughing Tens of Thousands of Employees - WSJ

Coronavirus outbreak puts department stores in peril | Fortune

Libor Plunge Risks Wreaking Havoc in $670 Billion CLO Market - Bloomberg

Ascena gives its balance sheet some relief, but analysts still expect a restructuring | Retail Dive

Vitamin Retailer GNC Says It Might Default on Debt Due This Year - WSJ

M.T.A., Citing Huge Drop in Riders, Seeks $4 Billion Virus Bailout - The New York Times

SoftBank Backs Away From Part of Planned WeWork Bailout - WSJ

Nevada casinos closing for 30 days following state order | Las Vegas Review-Journal

Impossible Foods explores credit line to tackle coronavirus fallout - sources - Reuters

UAW, Detroit automakers negotiate rotating partial shutdowns of US plants

Foursquare Traffic Data: Coronavirus outbreak hurts movie theaters, boosts grocery stores - Business Insider

Social Distancing May Put Liquidation Sales Out of Business - Bloomberg

U.S. airports ask Congress for $10 billion bailout

Few U.S. shale firms can withstand prolonged oil price war - Reuters

California Resources Tries to Restructure $4.9 Billion of Debt - WSJ

New York MTA Taps $1 Billion of Bank Loans as Ridership Plunges - Bloomberg

Coronavirus: GM, Ford and Fiat Chrysler to close all US factories

Coronavirus sends Delta's March revenue down $2 billion, airline to slash capacity by 70%

Private Credit Deals Dry Up in Rout With Pipeline Out of Reach - Bloomberg

Coronavirus Already Taking Big Toll on Urban Malls - WSJ

The Next Consumer Recession: Preparing Now | Deloitte US

Layoffs Are Just Starting, and the Forecasts Are Bleak - The New York Times

Pandemic Erodes Gig Economy Work - The New York Times

Harvard Business Review Special Coverage: Coronavirus

Coronavirus: 18% of U.S. workers have lost jobs or hours, poll finds - Los Angeles Times

COVID-19 | District of Delaware | United States Bankruptcy Court

JPMorgan says it will close 20% branches because coronavirus pandemic

Natural gas producer Gulfport Energy taps debt restructuring adviser: sources - Reuters

Mallinckrodt Loan Collapses, Throwing Doubt on Opioid Pact

Moody's downgrades Cirque du Soleil's CFR to Ca; outlook negative

Coronavirus: AMC CEO says movie theaters need government aid right now

Hyde Park Bakery Is Chicago’s First Permanent Closure of COVID-19 Shutdown - Eater Chicago

GNC’s Finance Chief Says Company Can Repay Bond Due This Year - WSJ

Michael S. Derby (WSJ): "Goldman Sachs warns data point to a historic and frankly apocalyptic surge in unemployment insurance claims, from current 281,000 to 2,250,000 in next week’s report. Yes you read that right." / Twitter

Apollo, Elliott Back Off EP Energy Bankruptcy Financing - WSJ

SoftBank’s OneWeb Is Said to Mull Bankruptcy as Cash Dwindles - Bloomberg

David Elman (The Deal): "[S&P] downgraded Party City to CCC+, outlook negative, today, thanks to continued sales and margin declines. Plus selling party goods is ... not an ideal line of business when we're all socially distancing. "Increasingly likely" will be difficult to refinance at par." / Twitter

Distressed Debt in U.S. Doubles to $500 Billion in Two Weeks - Bloomberg

Coronavirus Layoff Surge Overwhelms Unemployment Offices - The New York Times

GameStop: We Can Stay Open During Lockdowns Because We're 'Essential Retail'

Tesla Operational Update | Tesla, Inc.

Port of Houston Closes Container Terminals After Worker Tests Positive for Coronavirus -

More bankruptcy court filings today providing some insights into coronavirus impacts. For example, China Fishery Group had received court authority to make a $75 million interim distribution but now says the distribution will be delayed.

Are Business Losses from the Coronavirus Covered by Insurance? It Depends. - Jackson Kelly PLLC Blog Post

Hotel lending dries up as travelers stay home | American Banker

The End of Starsky Robotics - Medium

California governor issues statewide order to 'stay at home' effective Thursday evening

Coronavirus markets: Bank of America says the recession already here

Delaware Bankruptcy Court Tests Skype Video Workaround

Junk bond default rate to triple within 12 months, S&P says

Coronavirus: Retailers grapple with closed stores and paying rent

Clearing firm Ronin Capital unable to meet capital requirements at CME: CNBC

Restaurant chain Vapiano reports 'cash flow insolvency' - Reuters

Understanding The Impact of COVID-19 With Foot Traffic Data

GameStop Shuts Down Stores Amid Coronavirus Pandemic | Hollywood Reporter

Fed’s Bullard Says Jobless Rate May Soar to 30% - Bloomberg

Parent of Logan's and Old Chicago 'mothballs' all 261 of its restaurants

Travel Booking Site Shuts Down, Leaving Customers Stranded – NBC Chicago

Cash is King: Flows, Balances, and Buffer Days - Evidence from 600,000 Small Businesses (J.P. Morgan - 2016)

SoftBank-Backed Getaround Looks for a Buyer as Demand Evaporates

PG&E Reaches Deal With California Governor on Bankruptcy Exit - WSJ

Convene lays off 20% of workers as coronavirus hits flex space - Business Insider

CraftWorks Furloughs Workers After Coronavirus Upends Bankruptcy Plans - WSJ

Coronavirus: Retailers grapple with closed stores and paying rent

California Calls on Bankrupt Hospitals to Battle Coronavirus - WSJ

On Sunday, Sanchez Energy requested an emergency bankruptcy status conference on Monday afternoon, saying that "the coronavirus crisis coupled with oil prices plummeting and major disruption in the financial markets have complicated an already difficult situation."

FDIC: FIL-22-2020: Interagency Statement on Loan Modifications by Financial Institutions Working with Customers Affected by the Coronavirus

Coronavirus raises concerns for WeWork members as cases grow - The Washington Post

SoftBank strategy shifts from long-term domination to survival

Joann downgraded as pandemic disruption looms | Retail Dive

Coronavirus: US health officials say 147 nursing homes have at least one case

Oil Collapse Sinks Hornbeck Offshore’s Debt Proposal - WSJ

‘I Need $50K By Next Tuesday:’ Chicago Small Businesses Hurting Because Of COVID-19 – CBS Chicago

Adam Tooze (Columbia Univ.): "Hourly paid work in the US is collapsing. MoM hours worked and going to work have fallen 30-40% realtime to previous month. [Chart]" / Twitter

U.S. Domestic Passenger Flights Could Virtually Shut Down, Voluntarily or by Government Order - WSJ

As bankruptcies loom, Skadden is telling clients to ask these four questions - Reuters

Sanchez Energy Warns Bankruptcy Loan Won’t Be Paid Off - WSJ

Neiman Marcus Said to Mull Bankruptcy to Ease Crushing Debt Load

Coronavirus: US health officials say 147 nursing homes have at least one case

Oil Price War and Challenging Debt Markets: Tax Risks and Strategies for Upstream and Midstream Companies | Insights | Skadden, Arps, Slate, Meagher & Flom LLP

SoftBank-backed brokerage Compass lays off 15% of staff - Business Insider

44% of hotel workers projected to lose their jobs

Joann downgraded as pandemic disruption looms | Retail Dive

SoftBank strategy shifts from long-term domination to survival

Car Carrier Wallenius Wilhelmsen Drops 14 Ships on Tumbling Automotive Demand - WSJ

Bankruptcy Phones Ring Off the Hook; Firms Prep for Deluge

Potential wave of mortgage delinquencies could bankrupt payment system

Bankruptcy Pros Want Protections Broadened to Blunt Coronavirus Impact - WSJ

Small Businesses Seek a Crisis Lifeline Beyond Loans - The New York Times

Puerto Rico Board to Ask to Delay Debt Restructuring - Bloomberg

"Modell's - the sporting goods retailer which filed for #bankruptcy on March 11th to liquidate - filed a motion tonight asking the bankruptcy court to "temporarily suspend" its bankruptcy cases [More Details in Thread on Twitter]

Modell’s Halts Liquidation Because Shoppers Can’t Go Shopping - Bloomberg

Printer LSC Communications is Said to Prepare Bankruptcy Filing | ABI

24 Hour Fitness Draws Down Credit Line After Closing Gyms Due to Coronavirus - WSJ

Lucille Roberts, NYSC gyms parent Town Sports issues ‘going concern’ warning - MarketWatch

This department store is still open for business despite coronavirus

Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners - WSJ

Luby’s closes 35 more restaurants, cuts majority of HQ staff

Coronavirus has killed off public transportation across the world — Quartz

Businesses Can’t Pay Rent. That’s a Threat to the $3 Trillion Commercial Mortgage Market. - WSJ

U.S. Retailers Plan to Stop Paying Rent to Offset Virus Closures - Bloomberg

Printer LSC Communications Is Said to Prepare Bankruptcy Filing - Bloomberg

As Businesses Close, WeWork Tries to Lure Workers Back - The New York Times

Twitter withdrawn forecast bad sign for online ads in COVID-19 crisis

Read the memo WeWork sent to employees offering them $100 a day to come in during coronavirus lockdowns

Restaurants get no relief from business interruption insurance

Occidental Petroleum Cuts Pay for Staff, Executives - WSJ

Fertitta Furloughs 40,000, Warns of Economic Crisis - Bloomberg

U.S. auto sales expected to fall at least 15% this year

With Cinemas Shut Due to Coronavirus, Theater Chains at Risk of Default - WSJ

By the Numbers: COVID-19’s Devastating Effect on the Restaurant Industry

Inside American Airlines’ Scramble as Virus Grounds Jets by Hundreds - The New York Times

Temporary Increase in Debt Limit Eligibility Under Subchapter V of Chapter 11 included in Stimulus Package

California sees 1 million unemployment claims in less than two weeks

Groupon’s CEO, Chief Operating Officer Both Step Down - WSJ

Furie Operating Alaska Takeover Falls Through Again - WSJ

Cheesecake Factory Tells Landlords It Won’t Be Able to Pay April 1 Rent - Eater LA

Essential? Retailers Like Guitar Center and Michaels Think They Are - The New York Times

More coronavirus fallout for movie theaters - bankrupt movie theater chain Goodrich Quality Theaters filed an emergency motion to reject leases for multiple theaters effective before April 1. Says all of its theaters have been closed since March 14/15.

COVID-19 Stimulus Package May Temporarily Increase SBRA Chapter 11 Debt Limit to $7,500,000 - Plan Proponent

Conference of European Restructuring and Insolvency Law Executive Statement 2020-1 on COVID-19 and insolvency legislation

Coronavirus fallout: Tracking the layoffs, furloughs and cuts at retail startups | Modern Retail

Patrick De Haan: "GasBuddy [gasoline] demand data is terrifying.... showing demand destruction of 50-70% now with most states down 65-75%." / Twitter

Designer Brands furloughs over 80% of employees | Retail Dive

Big Cruise-Ship Lines Wouldn’t Qualify for Aid Under Stimulus Package - WSJ

U.S. Trustee Program to Temporarily Suspend Debtor Audits

Coronavirus drives junk-level downgrade to Metropolitan Opera | Bond Buyer

Tobacco Company Pyxus International and Creditors Hire Restructuring Advisers - WSJ

Paddle 8 Bankruptcy a Harbinger in the Time of COVID19 and the Coming Art World Crisis | Sullivan & Worcester

Greenberg Traurig Re-joins Forces with Former Bankruptcy Group Co-Chair Bruce Zirinsky

U.S. home healthcare industry warns of possible 'collapse' - Reuters

Pier 1 Faces Mass Closures While Lenders Weigh Rescue Bid - Bloomberg

Tesla furloughs employees due to drop in demand amid crisis - Electrek

Lynn Tilton Resigns From Control of Struggling Businesses - WSJ

Exclusive: Cirque du Soleil explores options including bankruptcy - sources - Reuters

Pioneer Natural Resources CEO warns independent oil companies could go bankrupt if production continues amid coronavirus

Build-A-Bear furloughs over 90% of employees, also says it "has not yet determined when some or all of these stores may reopen."

California Resources Said to Mull Bankruptcy After Failed Swap

Coronavirus challenges health of higher education sector | Bond Buyer

Banks Expect U.S. Crude’s Worst Year Since 2003 - WSJ

Instacart’s Gig Workers Are Planning a Massive, Nationwide Strike - VICE

Mortgage Lender Angel Oak Axes 70% of Staff Amid Credit Tumult - Bloomberg

Frontier Communications Presentation to Bondholders (SEC Filing)

Exclusive: Ross Stores, other retailers cancel vendor orders following coronavirus hit - Reuters

The apparel industry had an inventory problem before coronavirus. What now?

BroadVision 8-K - Company Has Entered into Restructuring Support Agreement for Prepackaged Bankruptcy Filing to be Filed in Delaware in Coming Days (as of Friday)

Debt-Laden Party City Taps Restructuring Firm After Sales Plunge - Bloomberg

Taubman Centers to retailers: Malls are closed, but pay rent anyway

Whiting Petroleum Corp. draws $650 million on its credit facility

One Corner of U.S. Oil Market Has Already Seen Negative Prices - Bloomberg

Airbnb freezes hiring and suspends marketing due to coronavirus

SeaWorld is temporarily laying off over 90% of employees - CNN

SoftBank’s OneWeb Files for Bankruptcy After Cash Crunch - Bloomberg

Pier One bankruptcy auction cancelled, major parties "are using this time to work constructively to discern how to structure a value-maximizing transaction in light of the COVID-19 pandemic, increasing government shut-downs, and overall unstable market conditions."

CARBO Ceramics Announces Agreement with Wilks Brothers to Acquire Business and Strengthen Financial Position

Macy's to Furlough Most Workers as Stores Stay Shut - WSJ

Rent the Runway lays off all retail employees due to coronavirus uncertainty - The Verge

Fashion and luxury face $600 billion decline in sales | Vogue Business

Tampa Bay Times will cut five days of print starting next week as ad revenues plummet - Poynter

Exclusive: American Airlines in talks to hire Millstein for aid advice - Reuters

Oklahoma energy producer Chaparral seeks debt advice - sources - Reuters

‘It would take something major’ to keep the doors open at Notre Dame de Namur

Fallout from GenCanna bankruptcy drags down MariMed

Will coronavirus permanently change CRE lending? | American Banker

Coronavirus Dooms Movie-Seat Supplier’s Restructuring Hopes - WSJ

March 2020: Bankruptcy and Restructuring Litigation Update | Quinn Emanuel Urquhart & Sullivan, LLP

Ascena Retail Group, Inc. announces it will "implement a furlough program across its business, including all store associates and close to half of its corporate associates"

LL Bean CEO: Congress must do more to address serious retail crisis

Job losses could total 47 million, unemployment rate of 32%, according to St. Louis Fed projections

Kohl’s is furloughing about 85,000 of its approximately 122,000 employees

Simon Property furloughs 30% of workers due to coronavirus

The State of Vermont has agreed to loan a bankrupt hospital $1.3 million with PIK interest at the Federal Funds Rate on an emergency basis "to stabilize operations due to cash shortfalls resulting from the novel coronavirus causing the disease Covid-19."

New York MTA Chief Says Federal Aid Needed to Avoid Bond Default - Bloomberg

Lauren Thomas (CNBC): "New data from @NPDMattPowell on sneaker biz: Athletic footwear sales are down 65% compared w same week a yr ago (for the week ending March 21). Despite more ppl turning to running, no bump there, either. Running shoe sales are down nearly 70%." / Twitter

Last-minute deal saves Pennsylvania hospital from closing - Axios

Cash-Strapped Coal Giant Murray Energy Faces Liquidation - Bloomberg

Hospitals Burn Through Cash While Congress Weighs Next Stimulus - Bloomberg

CraftWorks to Shed More Than Half Its Restaurants Amid Coronavirus Outbreak - WSJ

TSA Checkpoint Travel Numbers: 2019 vs. 2020 | ABI

Cannabis company CannTrust enters creditor protection, stock halted - MarketWatch

U.S. manufacturers see biggest plunge in new orders and employment in 11 years, ISM finds - MarketWatch

Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring | Business Wire

Urban Outfitters says it won't pay rent | Retail Dive

J.C. Penney furloughs store and corporate staff as closures extend indefinitely | Retail Dive

Hornbeck Offshore Services "is in the process of negotiating and finalizing a restructuring support agreement . . . to be implemented through a prepackaged chapter 11 filing in the Southern District of Texas"

Coronavirus Forces Closure Of 22nd Century Media | Homer Glen, IL Patch

Spartan Race and Tough Mudder: What It's Like Running an Extreme Fitness Company When No One Can Leave Their Homes | Marker

Exclusive: Callon Petroleum taps advisers for debt restructuring - sources - Reuters

WeWork Asks Landlords to Help It Cut Its Rent Bill by Up to 30% - Bloomberg

AMC Entertainment Lenders Hire Lawyers for Restructuring Talks - WSJ

Nearly 60 patients, staff members at a Southern California nursing home test positive for COVID-19 -

US Economic Forecast Q1 2020 | Deloitte Insights

Exclusive: In-flight entertainment company Global Eagle explores debt restructuring - sources - Reuters

Thousands of U.S. banks may sit out small-business rescue plan on liability worries: sources - Reuters

NYC Rent and Coronavirus: Restaurant Owners Plea With Landlords for Forgiveness and Deferment - Eater NY

Auto-Parts Suppliers Teeter as Car Production Halts - WSJ

Coronavirus Pushes Shipping Companies Into Survival Mode - WSJ

Ford's first-quarter sales drop 12.5% amid coronavirus pandemic

Debt crisis awaits in emerging markets - Axios

A record 6.6 million Americans filed for unemployment last week

Luckin Coffee stock tanks 80% after discovery that COO fabricated about $310 million in sales (LK) | Markets Insider

Coronavirus map: Which states are seeing the most job losses due to the pandemic

Fitch downgrades 9 retailers in a day, including Macy's, Nordstrom and J.C. Penney | Retail Dive

Stimulus package provides USPS no funding, postal service could shutter by June 2020 amid coronavirus | Fortune

Bed Bath sues 1-800-Flowers for trying to renege on deal over COVID-19 - Reuters

CBO sees GDP down 7% in second quarter and the jobless rate past 10%

Alaska air carrier RavnAir files for bankruptcy as U.S. Treasury mulls grants - Reuters

Half of Small Businesses Haven’t Paid Full April Rent, Early Poll Suggests - WSJ

To pay or not to pay: Retailers are making tough decisions on rent and other bills | Retail Dive

Paul Page (WSJ): "U.S. freight rail shipments of coal fell 15.9% yoy in March, according to AAR, and the 63,433 average weekly coal carloads was the lowest for any month in records going back to 1988."

Coronavirus Crisis Puts Bankrupt Hospitals Back in Demand - WSJ

Hair Cuttery’s Owner Expects to Miss Payroll on Tuesday - WSJ

Mattress Firm to Pay Reduced Rents to Landlords – Adweek

China's retailers face hard truth: If you reopen, they won't come - Nikkei Asian Review

3% of restaurants have already closed permanently, NRA survey finds | Restaurant Dive

Virus News: Jamie Dimon Sees ‘Bad Recession’, 2008 Echoes Ahead - Bloomberg

Gap Inc. Cancels Summer and Fall Orders As Covid-19 Bites | BoF Exclusive

NYDJ, Saxx, MeUndies and Tommy John Were Looking for Buyers—and Then the Pandemic Hit – Adweek

Macy’s, Inc. CFO Departing May 31st, Remain Advisor Through November

WeWork sues SoftBank over withdrawal of $3 billion tender offer

Stalled by coronavirus, American Dream rethinks its future

Quorum Health Corporation Reaches Agreement with Majority of Lenders and Noteholders on Prepackaged Recapitalization Plan | Business Wire

A message from our founders - Away: "Over the past few weeks, we’ve seen sales of our products decrease by more than 90%"

Brewers Association Survey: 46% of Craft Breweries Say They May Be Forced to Close Within 3 Months | Brewbound

Truckers Cut Spending as Factory Slowdown Weighs on Operators - WSJ

Broadway Extends Shutdown Through June 7

Coronavirus plagues junk-rated Einstein Healthcare Network | Bond Buyer

David Elman (The Deal): "S&P Global Ratings says its weakest links — issuers rated B- or lower with negative outlooks or on CreditWatch negative — has hit an all-time high of 440. "It has accelerated markedly recently because of the Covid-19 pandemic and collapse in oil prices," S&P's Sudeep Kesh said."

COVID-19: Russia Introduces Bankruptcy Filing Moratorium | Insights | Skadden, Arps, Slate, Meagher & Flom LLP

How Goldman Could Recoup the Money It Sank Into Gymboree - WSJ

U.S. energy firm Denbury Resources hires bank for debt advice -sources - Reuters

Greywolf Seeks $400 Million for New Distressed Opportunities - Bloomberg

Bankruptcy Loans Turn Dangerous - WSJ

Nordstrom warns financial situation could grow distressed

Coronavirus Has Shut Stores, and Retailers Are Running Out of Time - WSJ

Pier 1 is Said to Consider Bid That Would Close Over 800 Stores - Bloomberg

Staples refuses to pay landlords for April rents amid coronavirus crisis - Axios

Paul Page (WSJ): "The automotive supply chain is slamming shut with amazing speed. Auto and auto parts shipments on U.S. railroads have fallen nearly 84% since the middle of March, according to AAR figures."

WeWork Skips Rent Payments as Coronavirus Hits Revenue - WSJ

Shocking drop in wholesale gas prices signals more refinery cutbacks and gasoline under $1

Franklin Prepares for Potential Chesapeake Debt Restructuring - WSJ

Farmers Dump Milk, Break Eggs as Coronavirus Restaurant Closings Destroy Demand - WSJ

'A disastrous situation': mountains of food wasted as coronavirus scrambles supply chain | World news | The Guardian

Coronavirus could trigger retail bankruptcies and mass store closings - Business Insider

Alaska Says Mayor Can’t Seize Bankrupt Ravn Air’s Planes - WSJ

US Jobless Claims Top 6.6 Million in Coronavirus Lockdown - Bloomberg

U.S. Consumer Sentiment Plummeted in April by Most on Record - Bloomberg

Rural Hospitals Unsure Coronavirus Aid Is Coming - WSJ

Coronavirus pandemic pushes WeWork to make more room for workers - Axios

Department stores lead consumer industries in probability of default rates | S&P Global Market Intelligence

Denbury Resources Hires Restructuring Advisers to Cope With Oil Crash - WSJ

Coronavirus has pulled the rug out from under demand for pork belly and ribs, driving hog prices to their lowest level in nearly two decades | Raleigh News & Observer

Yelp lays off or furloughs more than 2,000 employees

Amusement-Park Operator Apex Files for Bankruptcy - WSJ

Boyd Gaming to furlough 'most team members' by April 11 |

Apex Parks Group Announces Financial Restructuring; Company To Enter Into Stalking Horse Purchase Agreement and Files for Chapter 11 to Effectuate Sale

Inside private-equity giant Blackstone's Las Vegas casino investments - Business Insider

Exclusive: KKR's Envision Healthcare hires bank to explore debt restructuring - sources - Reuters

XFL suspends operations and lays off employees, no plans to return in 2021

Brio and Bravo parent files for Chapter 11 bankruptcy after closing 71 units

White House rejects bailout for Postal Service battered by coronavirus - The Washington Post

Silicon Valley Bank Struggles as Startups Rush for Government Loans — The Information

Airbnb Projects Revenue Could Fall by Half This Year — The Information

For Small Businesses, Paycheck Protection Program Means Hard Choices - The New York Times

Robin Wigglesworth (FT): "Morgan Stanley: 'While we understand the desire for optimism, we also caution that the US outbreak is far from over. Recovering from this acute period in the outbreak is just the beginning and not the end. We believe the path to re-opening the economy is going to be long.' [Graph]"

LSC Communications Takes Action to Strengthen Its Liquidity and Improve Its Capital Structure, Voluntarily Files for Business Reorganization under Chapter 11

Fearing hospital bankruptcy, Gov. Wolf offers $450M in loans to financially strapped providers |

NM rural hospitals on life support » Albuquerque Journal

Empty pews, empty collection baskets: coronavirus hits U.S. church finances - Reuters

COVID-19: City of Vancouver at risk of bankruptcy says mayor | Vancouver Sun

Fracking Company FTS International Hires Restructuring Advisers - WSJ

J.C. Penney Is Said to Hire AlixPartners as Revenue Dwindles

N.Y. Sports Clubs Owner Mulls Bankruptcy While Gyms Stay Shut - Bloomberg

Stage Stores seeks concessions from vendors to avoid bankruptcy - letter | Reuters

FedEx Freight will temporarily furlough some workers; the slowdown is related to COVID-19. - The Daily Memphian

Intelsat Seeks Bankruptcy Loan While Awaiting C-Band Sale - Bloomberg

Moody's downgrades General Nutrition Centers, Inc.'s CFR to Ca from Caa1 ]

Auto Industry Gripped by Fear of Impending Car-Price Collapse - Bloomberg

Hornbeck Offshore Enters Into Restructuring Support Agreement For Comprehensive Balance Sheet Restructuring

Exclusive: J.C. Penney explores bankruptcy as hopes for recovery fade - sources - Reuters

Frontier Communications Announces Restructuring Support Agreement to Support Continued Investment in Long-Term Growth | Business Wire

After Coronavirus, Colleges Worry: Will Students Return? - The New York Times

Coronavirus: Homebuilder confidence takes biggest monthly dive ever

J.C. Penney bankruptcy possible: Retailer weighs move amid COVID-19

Nearly 4,000 American breweries could be forced to permanently close in the next 3 months, opening a huge opportunity for America's biggest beer companies - Business Insider

J.C. Penney Skips Bond Payment - WSJ

Best Buy to furlough about 51,000 employees

With confidence shattered, the road to a 'normal' U.S. economy looks long - Reuters

Landlords, Companies Clash Over Rent Payments During Coronavirus - WSJ

WWE® Provides COVID-19 Business Update – World Wrestling Entertainment Inc.

Pierce Bainbridge To Shut Down After Mass Resignations - Law360

Missed Rent Payments Cascade Across the Real Estate Industry - Bloomberg

Yuma Energy, Inc. Files for Chapter 11 Protection

Another 5 million people filed jobless claims last week, bringing total to almost 22 million in one month

The coronavirus pandemic isn't hurting US auto sales as much as feared, J.D. Power says

Can the movie industry survive the coronavirus?

Oil in the age of coronavirus: a U.S. shale bust like no other - Reuters

Town Sports Hires Restructuring Lawyers as It Considers Bankruptcy - WSJ

Diamond Offshore $DO enters into 30-day grace period after skipping coupon payment on its 5.70% notes.

Ultra Petroleum $UPLC enters into 30-day grace period after skipping coupon payment on its 6.875% notes due 2022 and 7.125% notes due 2025

Neiman Marcus Skips Bond Payment, Starts Clock Ticking - WSJ

Paul Page (WSJ): "Ugly but predictable numbers on rail volume over the past week: Overall rail carloads -23.8, coal -36.1%, motor vehicles -87.7% and intermodal -20%. Freight networks are starting to look as deserted as the city streets."

Yuma Energy to Liquidate Through Chapter 11 Bankruptcy - WSJ

J.C. Penney Creditors Tussle in Talks Over Need for Bankruptcy - Bloomberg

Swedish fashion retailer MQ files for bankruptcy - Reuters

Ben Smith (NY Times): "Source shares a pretty dire email sent yesterday by NPR CEO John Lansing: Between a big sponsorship hit and extra costs, they face a $16-25 million deficit, and are slashing costs in hopes of avoiding job cuts."

How 'Mothballed' Ch. 11 Cases Will Affect Vendors, Landlords - Wilmer Hale

‘Pretty Catastrophic’ Month for Retailers, and Now a Race to Survive - The New York Times

Equitable Arguments in Bankruptcy During the COVID-19 Pandemic - Akerman LLP

Stein Mart's private equity takeover gets nixed | Retail Dive

Uber and Lyft Are Searching for Lifelines

NPR Chief Warns of Steep Cost Cuts Amid Coronavirus Pandemic - WSJ

Fight Over Commercial Rent Gets Ugly With Default Wave Looming - Bloomberg

Mary Meeker's coronavirus trends report - Axios

‘Opening up America’ guidelines leave casino industry speculating where it fits - CDC Gaming Reports

7.5 million small businesses are at risk of closing, report finds

Stage Stores presses vendors for concessions | Retail Dive

AMC Entertainment Vies for Rescue Financing to Survive Shutdown - WSJ

Law in the Time of COVID-19 - Free E-Book Published by Columbia Law School

Bed, Bath & Beyond claims "digital net sales growth of more than 90% for the month of April," closed stores repurposed as "regional fulfillment centers" are "facilitating approximately 44% of overall daily orders"

Neiman Marcus Nears Bankruptcy Filing - WSJ

Apparel Maker Centric Brands Seeks to Restructure Debt - WSJ

Virgin Australia: Administrators appointed with millions owed to foreign investors | Daily Telegraph

Exclusive: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic - Reuters

United Cannabis Corporation $CNAB filed for bankruptcy today in Colorado. The company says in SEC filings that it "does not grow, distribute, sell or knowingly purchase any marijuana plants or products" & all revenue is from hemp-based CBD products and "licensing fees" [Continued....]

California cannabis, deemed essential in coronavirus crisis, is ‘on the brink of collapsing’ | The Sacramento Bee

Late Monday afternoon, Modell's said in bankruptcy court filings that it intends to seek an extension of the suspension of its bankruptcy cases for another month (through May 31st) without prejudicing its right to seek further extensions.

Bankruptcy-related limitations on PPP loans have been a hot topic in ABI email groups. An interesting test case is shaping up in new court filings. A senior living center sought a PPP loan but filed for bankruptcy before the funds were disbursed. It claims that the bank then refused to disburse the proceeds, calling the bankruptcy filing a "material change in circumstances." The debtor is asking the court to force the bank to turnover the proceeds of the PPP loan. In re Village East, Inc., Bankr. W.D. Ky. 20-31144 (Docket No. 29)

Scores of US public companies take small business rescue funds | Financial Times

Pandemic’s Costs Stagger the Nursing Home Industry - The New York Times

Shale Driller Unit Corp. Prepares for Bankruptcy Filing - WSJ

Another bankruptcy PPP loan motion today - bankrupt Mountain States Rosen is seeking court authority for a $3.595 million PPP loan as a post-petition loan under section 364. The motion says the loan was "approved and funded" on April 17th. The company employs 250 people.

For America’s Small Truckers, Demand Is ‘Falling Off a Cliff’ - WSJ

Victoria’s Secret Buyer Seeks to Cancel Takeover After Coronavirus - WSJ

David Shepardson (Reuters): "Delta CEO estimates airline recovery may take two to three years"

McConnell Says He Favors Allowing States to Declare Bankruptcy

Casper lays off 21% of staff, CFO to exit | Retail Dive

Layoffs coming to state, local governments

Deal Volume and Sales Response Rates Drop to New Lows [COVID-19 Benchmark Data, Updated Weekly]

Oil Lenders Hit Pause on Bankruptcy to Avoid Owning the Dead - Bloomberg

The 'Undertaker Of Silicon Valley' Stays Busy As Startups Lay Off Thousands : NPR

Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis | WilmerHale

Just 5% of Small Business Owners Have Received PPP Money | LendingTree

Car rental firm Hertz seeks bailout as coronavirus slams fleet

Gap stops paying rents, warns it might not have enough cash

Bankruptcy looms over U.S. energy industry, from oil fields to pipelines - Reuters

Target’s April e-commerce has nearly quadrupled as crowd controls slam in-store sales | Fortune

Jobless Numbers Are ‘Eye-Watering’ but Understate the Crisis - The New York Times

California Pizza Kitchen Seeks Restructuring Deal - WSJ

Canada’s Dominion Diamond Files for Protection From Creditors - WSJ

Startup Magic Leap to Cut Half of Jobs, Shrink Consumer Unit - Bloomberg

The Other Jobs Threat: New Business Drought - WSJ

Gordon Brothers acquires Laura Ashley out of administration | Chain Store Age

Bluemercury On the Block, Macy’s Adjusts Strategy – WWD

Craft Distillers Were Booming. Now They Face Bust. - The New York Times

Less than half L.A. County still has jobs due to coronavirus - Los Angeles Times

Cash dwindles for marijuana companies, ‘extinction-level event’ looms amid coronavirus outbreak - The Boston Globe

SpeedCast Files Bankruptcy With Cruise and Oil Customers Reeling - Bloomberg

Coronavirus will speed up store closures. What landlords need to watch next

Hair Cuttery Files for Chapter 11 Bankruptcy

Hertz Hires Advisers for Restructuring Talks With Lenders - WSJ

New SBA Interim Final Rule clarifies eligibility of bankrupt companies to receive PPP loans

Prepare for the Era of Recrimination | Guggenheim Investments

Retail viewpoint: You survived. Now what? A restart playbook | AlixPartners

Off-Price Retailers Poised For ‘Greatest Apparel Clearance Sale In History’

A New Problem Is Brewing in the Beer Industry: One Million Kegs Are Going Stale - WSJ

Update on the United Cannabis Corp. $CNAB bankruptcy filing - the court took up the issue of eligibility for relief under the Bankruptcy Code sua sponte. Judge Rosania issued an order to show cause setting a May 4th hearing on whether the case should be dismissed.

Liz Ann Sonders (Charles Schwab): "Job postings have declined substantially, & virtually no field has been spared"

COVID‑19 - Mobility Trends Reports - Apple

Diamond Offshore Commences Voluntary Chapter 11 Proceedings To Restructure And Strengthen Balance Sheet | Diamond Offshore Drilling Inc.

Owner of CMX Cinemas Files for Bankruptcy Protection - WSJ

S&P: Pandemic 'catastrophic' for retail | Retail Dive

24 Hour Fitness CEO Responds to Rumors It May File for Bankruptcy

Ship Orders Crash as Coronavirus Takes a Toll on Seaborne Trade - WSJ

Guitar Center Debt Restructuring Looms After Skipped Payments

CIBC slashes cannabis sales forecast to CA$2.5 billion for 2020

No Private Right of Action to Enforce CARES Act; Expect Claims Under State Consumer Protection Laws | McGuireWoods

In the latest challenge to the SBA rules limiting PPP loans to companies in bankruptcy, Maine's Calais Regional Hospital filed an adversary complaint today seeking a determination that the SBA rules violate section 525 of the Bankruptcy Code & other relief [Screenshots of Complaint]

Advocate Aurora stressing its sturdy balance sheet as it heads into the market | Bond Buyer

Mall Landlord CBL Turns to Moelis, Weil for Restructuring - Bloomberg

Simon Property prepares to reopen 49 properties. Here's how that will work

Plano’s Shops at Willow Bend is in receivership

Springfield Hospital in Vermont has also filed an adversary complaint challenging the SBA rules regarding eligibility of bankrupt companies for PPP loans. Represented by the same bankruptcy counsel as Calais Regional Hospital in Maine.

Bankrupt restaurant/catering chain Cosi says in court filings today that "sales are down over 80% from pre-filing projections." The chain filed for bankruptcy on February 24th.

Bankrupt restaurant/catering chain Cosi joins the list of debtors filing complaints against the SBA seeking PPP loans despite on-going bankruptcy cases. Cosi says it needs a ~$3.7 million loan but SBA imposing "completely arbitrary, baseless, and discriminatory requirement[s]"

Latham & Watkins Adds Prominent Restructuring & Special Situations Partner in New York

Georgia gives a glimpse of what reopening retail looks like

Macy’s Suppliers Lose Backstop Insuring Payment for Goods - Bloomberg

AMC Theatres Refuses to Play Universal Films in Wake of 'Trolls World Tour' | Hollywood Reporter

‘A Bargain With the Devil’—Bill Comes Due for Overextended Airbnb Hosts - WSJ

Harry & David Decides Its Stores Won’t Reopen After Coronavirus - WSJ

AMC Theaters and Universal Brawl After ‘Trolls World Tour’ Is Online Hit - The New York Times

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