Recent oil price drops may accelerate the pace of oil and gas bankruptcies in the United States, reports Law360. In light of such drops, the industry appears to be facing a situation similar to one it faced in 2016 and 2017, when many drilling companies sought bankruptcy protection. [Law 360; Mar. 11, 2020]
Per Crain’s, Art Van Furniture, a Warren, Michigan based furniture and mattress retailer, has filed for Chapter 11 bankruptcy relief. The company continued to see revenue losses despite recent amendments to its primary loan agreements and efforts to improve its e-commerce platform. [Crain’s; Mar. 11, 2020]
Yahoo reports that Foresight Energy L.P. and certain of its affiliates have filed for chapter 11 bankruptcy relief in the Eastern District of Missouri. [Yahoo; Mar. 10, 2020]
Bloomberg reports that the recent downturn in the market, caused in large part by COVID-19 coronavirus, may have an out-sized impact on middle-market companies. Breaks in global supply chains resulting in a lack of access to necessary raw materials are noted as critical concerns for such companies. [Bloomberg; Mar. 9, 2020]