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Tagged: Chapter 11

Understanding and protecting ‘cash collateral’ in Chapter 11 Bankruptcy

June 22nd, 2020 | Chapter 11
hundred dollar bills

The storied American retail giant JCPenney filed for Chapter 11 bankruptcy in May 2020 as the COVID-19 pandemic finally crippled an already-struggling company. Days after filing, JCPenney obtained approval from the United States Bankruptcy Court for the Southern District of Texas to spend the $500 million in cash it had on hand. The Court authorized […]

Alternatives to bankruptcy for small businesses

June 19th, 2020 | Chapter 11
calculator, chart, pen

The COVID-19 pandemic has wreaked havoc on small businesses across the United States. Public safety measures that have been instituted have resulted in closures, furloughs, layoffs, supply chain disruptions, and dwindling cash reserves for businesses of all sizes. These closures have had a greater impact on small businesses. In response to this unprecedented economic disruption, […]

Force majeure clauses and the COVID-19 pandemic

June 9th, 2020 | Chapter 11
gavel

A decision handed down on June 3, 2020, by the United States Bankruptcy Court for the Northern District of Illinois is one of the first to address the subject of force majeure in the context of the COVID-19 pandemic. The question presented was whether a Chapter 11 debtor – in this case, a Chicago restaurant […]

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