|April 26-May 2, 2021|
|Type of Case||Filings||Percent Change From Same Week in 2020||Percent Change From Same Week in 2019|
|*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.
South Carolina Governor to End Pandemic Unemployment Benefits in June
South Carolina Gov. Henry McMaster (R) has ordered all federal, pandemic-related unemployment programs in the state to end on June 30, citing workforce shortages, The Hill…
Hertz Bidding War Builds as Centerbridge Preps New Counteroffer
A group of investment firms including Centerbridge Partners is preparing a new offer to buy Hertz Global Holdings Inc. out of bankruptcy, setting up a final showdown over the…
House Panel Advances Bipartisan Retirement Savings Bill
The House Ways and Means Committee on Wednesday advanced bipartisan legislation aimed at helping people save for retirement, The Hill reported. The committee approved the…
U.S. SEC Chair Says Reviewing Short-Selling, Swap Rules after GameStop, Archegos Sagas
The U.S. securities regulator is considering measures to require big investors to disclose more about short positions, or bets that stocks will fall, use of derivatives to bet…
Private Payrolls Grow Strong 742,000 as Recovery Picks Up Steam
The private-sector labor market had a strong showing in April, adding 742,000 jobs, according to payroll company ADP, The Hill reported. March's strong showing was also…
Judge Voids U.S. Moratorium on Evicting Renters During Pandemic
A federal judge yesterday threw out the U.S. Centers for Disease Control and Prevention's nationwide moratorium on evictions, a setback for the millions of Americans who have…
Rental Companies Buy Up Used Cars as Chip Crisis Get Worse
The semiconductor shortage has slashed vehicle production so much that rental-car companies can’t get the new cars they need, so they have resorted to buying used vehicles…
Treasury: States Can Seize Stimulus Payments to Provide Criminal Restitution
States can seize third-round stimulus payments from those convicted of crimes in order to provide restitution for victims and their families, according to the Treasury…
Hertz Deems Knighthead Bid Superior in Duel to Exit Bankruptcy
Hertz Global Holdings Inc. determined a proposal from Knighthead Capital Management and Certares Management to buy the car renter was superior to an existing offer from a…
Stiffed Vendors Get Tough With U.S. Retailers After Big Losses
As U.S. retailers celebrate a boom lifting one of the pandemic’s hardest-hit sectors, scars left by a year of bankruptcies and delayed vendor payments could threaten to…
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.