Washington Prime Ch. 11 Marks New Uncertainties for Retail

Washington Prime Group Inc. filed for Chapter 11 in Texas bankruptcy court, marking another phase of the retail fallout from the ongoing COVID-19 pandemic — the effect of retail’s rent struggles and store closures on malls.  The bankruptcy filing Sunday night of the mall real estate investment trust, which has

Anticipating the Next Wave Of Retail Bankruptcies

After the rush of bankruptcy filings last summer in the earlier phase of the ongoing COVID-19 pandemic, retail watchers had feared another wave in 2021.  But a combination of factors has led to an extended lull in restructurings, as lenders nonetheless remain wary of signs of trouble. A recent report by

Virgin Atlantic Airways seeks U.S. Chapter 15 bankruptcy protection

WASHINGTON/LONDON (Reuters) – Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday. Virgin Atlantic’s filing in U.S. bankruptcy court in

Chesapeake Energy's bankruptcy delivers hit to reeling pipeline, service firms

HOUSTON (Reuters) – Chesapeake Energy Corp’s bankruptcy will pile more pain onto leading energy service and pipeline companies whose revenues were already being slammed during the latest collapse in oil prices, according to energy analysts and corporate filings. Chesapeake (CHK.N), the sixth-largest U.S. natural gas producer, sought protection from creditors

Chuck E. Cheese parent files for bankruptcy, another casualty of pandemic

(Reuters) – Restaurant chain Chuck E. Cheese parent CEC Entertainment [CEII.UL] filed for Chapter 11 bankruptcy on Thursday, making it the latest casualty of the COVID-19 pandemic that has crushed entertainment and leisure industries globally. The company described the current crisis as the “most challenging” in its history and said

PG&E plans $5.75 bln equity raise to fund bankruptcy exit

(Reuters) – California-based power provider PG&E Corp said on Monday it plans to raise $5.75 billion from public offerings as it tries to emerge from Chapter 11 bankruptcy by the end of this month. Separately, the company said investors, including Appaloosa and Third Point, have agreed to purchase up to

Sale of shut Philly refinery to real estate developer delayed

NEW YORK (Reuters) – The closing of a $252 million sale of the Philadelphia Energy Solutions (PES) oil refinery to a Chicago-based real estate developer has been delayed, a city official and source with knowledge of the agreement said on Friday. Hilco Redevelopment Partners won an auction in January to

Hertz awards over $16 million in retention bonus to key executives

(Reuters) – U.S. car rental company Hertz Global Holdings (HTZ.N) said on Tuesday it has paid about $16.2 million in retention bonuses to a range of key executives at the director level and above, days after the company filed for bankruptcy protection. The company paid President and Chief Executive Officer

LATAM becomes largest airline yet driven to bankruptcy by coronavirus

(Reuters) – Chile’s LATAM Airlines Group (LTM.SN) filed for U.S. bankruptcy protection on Tuesday, becoming the world’s largest carrier so far to seek an emergency reorganization due to the coronavirus pandemic. The filing highlights the financial weakness of Latin America’s carriers and follows a similar bankruptcy reorganization earlier this month

Latin America's largest airline LATAM files for U.S. bankruptcy protection

(Reuters) – Latin America’s largest airline LATAM Airlines Group SA (LTM.SN) said on Tuesday the company and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the United States. LATAM is the latest corporate victim of the coronavirus pandemic that has