Bankruptcy & Restructuring News & Analysis

Forever 21 filed its second bankruptcy in five years, announcing liquidation of all 354 U.S. stores while pursuing potential buyers. The fashion retailer cited $400M in losses over three years and competition from duty-free retailers like Temu and Shein as key factors. The company implemented a two-phase store closing strategy, with all liquidations expected to conclude by May 1, 2025, while maintaining a parallel going-concern sale process that has attracted 30 potential buyers conducting due diligence

GOL Airlines has filed a disclosure statement detailing its plan to eliminate $1.7 billion in debt and secure $1.9 billion in new capital as part of its Chapter 11 restructuring. Abra Group Limited, GOL's largest creditor, will convert much of its $2.8 billion claim into equity in exchange for controlling 76-81% of the reorganized airline. The plan, supported by the Creditors' Committee, also reveals ongoing talks between Abra and Azul about a potential business combination following GOL's emergence from bankruptcy