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Chapter 11 cases soared in 2020, with more distress likely in 2021 | White & Case LLP

To embed, copy and paste the code into your website or blog: In 2020, commercial chapter 11 bankruptcy filings climbed to their highest levels in recent years, as COVID-19 disruption sparked sharp declines in GDP and volatile stock market swings. Notably, the pandemic accelerated the restructurings of some companies that were already on the precipice of financial distress, particularly in the retail, energy, travel and hospitality sectors. Year-on-year commercial chapter 11 filings increased 29% in 2020. The 7,128 filings in 2020 were the most since 2012, which saw 7,789 filings, according to data prepared by Epiq for the American Bankruptcy Institute. However, after a significant spike in the number of commercial chapter 11 filings in the second and third quarters of 2020, the pace of new chapter 11 filings slowed significantly toward the end of the year.

The first wave of COVID bankruptcies has arrived

The first wave of COVID bankruptcies has arrived Updated: February 26 Published February 26 Share on Facebook Print article A New Albany, Ohio, music school offering piano, guitar and violin lessons racked up nearly $1 million in loans and $35,000 in credit card debt. A fine dining restaurant in Providence, R.I., received more than $450,000 in federal small-business funds to help pay workers but still had to close its doors. A nonprofit overseeing the Kit Carson Home and Museum in Taos, N.M., welcomes visitors to learn about the famous frontiersman but listed just $17,000 in assets even after every bone-handled knife, buffalo hide apron and flintlock musket had been tallied.

Bankruptcies are pummeling the real estate, energy, retail and restaurant industries a year into the pandemic

Bankruptcies are pummeling the real estate, energy, retail and restaurant industries a year into the pandemic
washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.

The wave of covid bankruptcies has begun

The wave of covid bankruptcies has begun
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.

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