Reuters reports that retailer Neiman Marcus Holding Co. emerged from chapter 11 bankruptcy on September 25, 2020. The Company’s confirmed plan of reorganization eliminated more than $4 billion of debt and $200 million of annual interest expense. [Reuters; Sept. 25, 2020]
In an opinion piece for Bloomberg, columnist Justin Fox reports on the uptick in new business applications in 2020 despite the economic downturn caused by the COVID-19 pandemic. Fox suggests that economic stimulus efforts undertaken at the beginning of the pandemic, primarily the CARES Act, have contributed to this increase in business applications. [Bloomberg; Sept. 24, 2020]
Reporting from Yahoo Finance indicates that Colombian Airline Avianca Holdings is facing criticism in its home country of Colombia as a result of over US$6 million worth of bonuses paid to top executives in May 2020, days before the airline filed for bankruptcy and shortly after the company furloughed the majority of its employees. [Yahoo Finance; Sept. 23, 2020]
CNN Business reports that Sizzler USA filed for chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Southern District of Texas. The filing is for Sizzler’s 14 company-owned domestic restaurants and does not include its international or franchised locations. [CNN; Sept. 22, 2020]