Welcome to Re/Re/Recap, where it’s looking like I’m going to have to start getting more creative than just covering major, national bankruptcy filings.
That’s the bad news (solely for me and my writing schedule, RIP). The good news is that the past two weeks have been relatively slow for bankruptcy filings. Could it be that we’re waiting and bracing for impact as so many have warned or are government programs and liquidity conservation strategies really doing the heavy lifting (congrats Golds Gym on paying out unsecured creditors in full!) to protect businesses from this “court of last resort”?
Only time will tell. Until then, your Re/Re/Recap awaits.
Give us a shout at contact+re@weakform.com
Lord & Taylor to officially liquidate
The 194-year old retailer, which was originally working towards a restructuring and a reduction of its operating footprint, announced this past week that it would pursue a liquidation strategy.
We previously covered Lord’s filing here.
Kings Food Markets’ parent co. files for Chapter 11
The New Jersey-based chain of supermarkets goes into court with a prepackaged plan and potential buyer. Here’s the trip: the company has to shed obligations to collective bargaining agreements in order for the deal to go through.
Expect fireworks in court.
TNT Crane & Rigging
Speaking of fireworks, TNT Crane (which leases equipment to oilfield operations) filed for Chapter 11 in a prepack structured to trade equity to its first and second lien lenders.
According to Debtwire, there have been 41 oil and gas companies that have filed for bankruptcy over the past month due to the cascade of COVID’s demand impacts.
WSJ uses “weird” in a headline, I keel over
The Coronavirus Is Doing Weird Things to the Banking Industry, proclaimed the Sunday WSJ.
Other than dropping hot millennial verbo in a headline (hey, that’s my job!), this is a really robust piece, with interactive data viz and good commentary. As always, the Walleye delivers.