- 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.
Shelter-in-Place Orders Pose Challenges for Government Probes
The novel coronavirus could slow investigations into corporate wrongdoing by prosecutors, regulators and federal agents as shelter-in-place orders and other restrictions force…
GM Gradually Restarts in Mexico as Lear Corp Readies for Return
General Motors Co. said yesterday that it was gradually restarting the transmission and motor lines at its Mexican facilities in Silao and Ramos Arizpe, while U.S. auto parts…
The Covid Surcharge: Companies Confront the Unforgiving Economics of Coronavirus
Companies from major retailers and package carriers to local restaurants and hair salons are awakening to a new economic reality in the age of the new coronavirus: Being open…
Hertz Creditor Talks Reach Impasse Hours Before Key Deadline
Hertz Global Holdings Inc. is at loggerheads with a key group of creditors just hours before a Friday deadline to cut a deal to address missed debt payments, Bloomberg News…
Murray Energy Faces Pivotal Month After Bankruptcy-Loan Default
Murray Energy Corp. acknowledged on Wednesday that it has defaulted on its $440 million bankruptcy financing package, setting up a pivotal month for the nation’s largest…
Analysis: J.C. Penney Bankruptcy Shows That Retailers Need to Slim Down
For a half-century, J.C. Penney Co.’s store count grew along with American malls, eventually earning the company the crown as the most ubiquitous retailer anchoring those…
J.Crew Landlords Pursue Rent From Reopened Stores
Dozens of J.Crew Group Inc.’s landlords, including some of the biggest mall owners in the country, are seeking rent payments from the retailer’s stores as they reopen,…
Trump: Not Going to Close Country Again If Second Wave of Coronavirus Hits
President Trump said yesterday that “we’re not gonna close the country” again if the coronavirus sees a resurgence, the Boston Globe reported. During a tour of a Ford…
Analysis: Millions of PPP Loan-Forgiveness Requests Are About to Rain on Banks
Banks are preparing for a flood of applications for loan forgiveness under the U.S. Paycheck Protection Program, marshaling staff to help borrowers navigate a complicated…
Senate Adjourns Without Approving Deal to Extend PPP Spending Window
The Senate was unable to finalize a deal to extend the amount of time companies have to spend loans obtained through the Paycheck Protection Program, putting off the likely…
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
- 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.)
- Calais Regional Hospital v. Carranza (In re Calais Regional Hospital), Adv. No. 20-AP-1006 (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.