|Weekly Bankruptcy Filings|
|February 22-28, 2021|
|Case Type||Filings||Percent Change from Same Week Last Year|
|*Ch. 9, 12,15|
Weekly filing data compiled from PACER and is subject to slight revisions.
For exclusive analysis and insight by ABI's Ed Flynn on the weekly filings, please click here.
For past reports, please click here.
- A New Challenge for Debtors Who Received PPP Loans Under the CARES Act
Can lenders refuse to forgive PPP loans when small businesses have filed for bankruptcy?
- Update on the Proposed Extension of the PPP Loan Program - Gotta Read That Fine Print!
On October 1, 2020, Senators Rubio and Collins reintroduced a different version of the Initial Proposed PPP III Legislation, S. 4773 (the “Amended PPP III Legislation”).
- Proposed Extension of the PPP Loan Program: A Nice First Step….
Whether Congress extends the PPP Loan Program is up in the air, but questions remain about whether the proposed legislation is the right approach.
- This DIP Loan Brought to You by Someone Who CARES - Part Two 1/2
Let’s be candid: $659 billion just doesn’t go as far as it used to. In just two short weeks, the entire $349 billion allocation for small business loans under the landmark CARES Act Payroll Protection Program (PPP), part of the single-largest government stimulus package in history, was completely exhausted by the onslaught of distressed businesses (the “PPP I Loans”).
- $659 Billion Disbursed Without Underwriting, Collateral or Guarantees: What Could Possibly Go Wrong?
The already notorious Paycheck Protection Program (PPP)is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). $349 billion of PPP funding became available on Friday, April 3, and less than two weeks later all $349 billion was disbursed or committed to being disbursed. Congress then passed legislation adding $310 billion of PPP funding.
- This DIP Loan Brought to You by Someone Who CARES - Part II.
As PPP "Part II" loans are anticipated to be exhausted in 72 hours by small businesses struggling during the financial distress of the COVID-19 pandemic, will there be a "Part III, IV and V" on the horizon for the program? Read Stinson LLP's Tom Salerno provides his take in "This DIP Loan Should Be Brought to You by Someone Who CARES," Part Two.
- Title: 8 Predictions of the Coronavirus' Impact on the Bankruptcy World
Thomas J. Salerno of Stinson, LLP (Phoenix) and G. Neil Elsey of Avion Holdings, LLC (Scottsdale, Ariz.). proffer eight predictions as to how COVID-19 will alter the restructuring landscape in both the near term (and possibly longer).
- COVID-19: Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis
- This DIP Loan Brought To You By Someone Who CARES!
According to a special ABI commentary by Thomas J. Salerno, Gerald Weidner, Christopher Simpson and Susan Ebner of Stinson, there could be another substantial implication of the CARES Act for the brave new bankruptcy world: a new potential source of DIP financing.
Stay in the Know with ABI
SBA Consent to PPP Debtor Loan Provisions Under CARES Act II: Just Do It, Already!!!!!
Champagne corks had barely finished popping when bankruptcy lawyers read the full text of CARES Act II, which has the extraordinary “Mother, may I” clause.View More
The "New and Improved" PPP Loan Package!
There is a mixed bag in CARES Act II—some good news for some debtors, bad news for other debtors, and a pretty much sure bet for future litigation concerning the latter. UPDATED 12/31/2020: Buried deep in the legislation is another hidden "gem."View More
Health Care Industry Distress During the Pandemic
A panel of top experts will discuss health care industry distress and prospects for recovery amid the COVID-19 pandemic at ABI's Bankruptcy Battleground West on March 9-10, 2021View More
New Bankruptcy Relief Provisions, Brought to You by the 2021 Federal Appropriations Act
Read an overview of the bankruptcy relief provisions included in the Consolidated Appropriations Act of 2021.View More
Cinema Chain Alamo Drafthouse Plans Bankruptcy Sale to Fortress-Led Investors
Alamo Drafthouse Cinemas Holdings LLC, a theater chain offering moviegoers seat-side food service, beer and themed cocktails,…
New York Sports Clubs' Former Owner Settles NY Attorney General Lawsuit over Billing
The former owner of New York Sports Clubs and Lucille Roberts will forfeit a $250,000 bond to settle New York Attorney…
PPP COVID-19 Relief Initiative Is Adjusted to Attract the Smallest Businesses
Small-business requests for money from the federal government’s signature COVID-19 relief initiative are running well…
Other Covid Resource Pages
We recommend these resources for more information on how COVID-19 is affecting the bankruptcy industry.
DLA Piper's site provides a repository of the firm's insights, events and contacts for key practice areas related to COVID-19 distress.
Thomas J. SalernoStinson LLP (Phoenix, AZ)
It is time for the federal government to stop asserting positions that only harm the very constituency that the CARES Act was intended to assist, create burdens on an already stressed court system, and create additional fees, costs and delays for borrowers in bankruptcy.
Stephen LernerSquire Patton Boggs (Cincinnati, OH)
The impact on U.S. business is already severe. The bankruptcy and restructuring landscape is likely to be altered in ways that may not be easy to predict.
Christopher A. WardPolsinelli (Wilmington, DE)
Although a bankruptcy filing may keep the doors open, the cost of a bankruptcy can be overwhelming when you may have been able to address the situation through an alternative pay arrangement with your landlord.
COVID-19 Legal Information
- Summary of the Proposed HEALS Act by ABI's Legislation Committee
- Preliminary Injunction, Hildago County Emergency Service Foundation v Carranza, SBA Administrator (USBC ND Tex., May 8, 2020)
- TRO Against SBA Administrator (KP Engineering; USBC, SD Tex., May 6, 2020)
- Motion for TRO; PCT International v. SBA Administrator (USBC; D. AZ)
- The Springfield Hospital TRO against SBA Administrator and Memorandum of Decision (April 20, 2020; USBC, D. Vermont)
- Penobscot Valley Hospital v. Carranza (In re Penobscot Valley Hospital), Adv. No. 20-AP-1005 (Bankr. D. Me.)
What is a novel coronavirus?
A novel coronavirus is a new coronavirus that has not been previously identified. The virus causing coronavirus disease 2019 (COVID-19) is not the same as the coronaviruses that commonly circulate among humans and cause mild illness, like the common cold.
How can I help protect myself?
Visit the CDC's COVID-19 Prevention and Treatment page to learn about how to protect yourself from respiratory illnesses, like COVID-19.
How can I prepare for COVID-19 at work?
Plan for potential changes at your workplace. Talk to your employer about their emergency operations plan, including sick-leave policies and telework options.
Learn how businesses and employers can plan for and respond to COVID-19 at the CDC.