The “Consolidated Appropriations Act, 2021” (“COVID Act”) effective December 27, 2020 amends Section 547 of the Bankruptcy Code and protects suppliers and landlords through agreement to defer payments made after March 13, 2020. Specifically, an agreement entered into on or [...]
Introduction Commercial tenants are defaulting at a faster rate due to the pandemic. But whether we are in a pandemic or not, commercial landlords need to know what to do if their tenants file bankruptcy be it Chapter 7 [...]
The retail apocalypse began long before COVID-19 . With many retailers already over-leveraged and shopping patterns changing, retailers were already shuttering stores, seeking a reduction in rent and/or filing bankruptcy. Afterall, many major retailers including anchor tenants like Sears, had [...]
It’s a common misconception that if someone files bankruptcy, all claims against them will be discharged leaving few assets to be split between creditors. In fact, several kinds of debts are not eligible for a discharge. A creditor or [...]
Introduction Creditors in mega-bankruptcies and people in general are up in arms over the ridiculous bonuses companies are giving their “key” employees and executives -- styled as “retention bonuses.” Pre-Bankruptcy Retention For practical reasons, companies facing financial uncertainty need [...]
Though the pandemic is the cause of the rising number of retail bankruptcies, major retailers were facing cash flow and insolvency issues prior to COVID-19. Many of them were over-leveraged by virtue of funding the leveraged buyouts of prior ownership. [...]
Retailers are reporting that at least 4,300 stores will close in 2020 and that this number will increase. Prior to the pandemic, Cushman & Wakefield estimated that as many as 12,000 major chain stores could close in 2020. Coresight Research [...]
People talk about retail tenants being in financial disarray and filing bankruptcy, but what about our malls and shopping centers? They are hurting, too. If their tenants are not paying rent, taxes, insurance, and utilities, this impacts landlords, who [...]
In re Pier I Imports Inc., 20-30805 (Bankr. E.D. Va. May 10, 2020) At least one bankruptcy court has crafted a remedy not otherwise addressed prior to the Coronavirus outbreak. For instance, the bankruptcy court overseeing the Pier 1 Imports [...]
Americans have been going to the movies for more than a century, but for the first time in recent history, theaters are closed, and even if they open in the foreseeable future -- the audience may be limited. With [...]
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