Industry News
Big Banks Pull Financing, Prepare To Seize Assets From Collapsing Oil and Gas Industry
By Justin Mikulka • Monday, April 13, 2020 - 11:47 The finances of the oil and gas industry are so dismal that the major banks that have funded the money-losing fracking boom are now exploring taking the unusual step of taking over the oil companies that cannot afford to pay back the banks' loans. Reuters reported that banks are exploring the...
First Houston-Area Lawsuit Filed Over COVID-19 Business Interruption Losses
By Lorelie S. Masters, Michael S. Levine & Leah B. Nommensen on March 30, 2020 A Houston-area wig store filed the first Texas COVID-19 lawsuit concerning business interruption losses Thursday in a state court in Harris County. The plaintiff, Barbara Lane Snowden DBA Hair Goals Club, filed suit, a copy of which can be found here, against Twin...
Gas Stations Face Bankruptcy As Demand Plummets
April 3rd, 2020 by Jo Borrás In a world where fewer people smoke, commuters get pickier about their snacks, cars need less gas, and apps like GasBuddy make competition especially fierce, gas stations were already facing a scary, uncertain future. Now, with the COVID-19 pandemic keeping many people and cars at home and the looming threat of mass...
List Of Retail Companies On Bankruptcy Watch Is Growing Fast Amid Coronavirus Crisis
Pamela N. Danziger Senior Contributor Retail I study the world's most powerful consumers -- The American Affluent Closed for business! That is the sign on the doors of non-essential retailers in 45 states, with “non-essential” being defined as stores that trade in discretionary (clothing, home furnishings, electronics, beauty) as opposed...
Neiman Marcus Prepares For Possible Bankruptcy After Stores Shutter
By PYMNTS Posted on April 3, 2020 With the COVID-19 pandemic causing it to shutter its stores, Neiman Marcus Group is increasing preparations to ask for bankruptcy protection. The luxury department store retailer reportedly started having private discussions with bondholders regarding potential financing that would assist it with ongoing...
Debenhams prepares to file for bankruptcy
Chain buckling under coronavirus shutdown just a year after it was rescued Debenhams is preparing to call in administrators after the struggling department store was forced to close all its outlets under the coronavirus lockdown. The company, which has 22,000 staff and was rescued by its lenders after collapsing into administration only a year...
Will Legislation Require Coverage for COVID-19 Business Interruption Losses?
Friday, April 3, 2020 Over the past several weeks as the COVID-19 pandemic has caused unprecedented economic disruption nationwide, insurance companies and many others in the insurance industry have repeated a steady refrain that commercial insurance will not cover the resulting business interruption losses. These statements may cause many...