This week’s numbers may hold a glimpse of a foreseeable future: one full of DIP lending, consolidation, reshuffled credit, renewable energy and re-securitized debt.
Updated to include lender details According to data released Monday by the U.S. Treasury Department, 1,160 Texas law firms applied for and received as much as $924 million total in ultimately forgivable loans from the Paycheck Protection Program. The Texas Lawbook has the entire list and it includes law firms from every corner of the state.
The U.S. Treasury Department released this week the names of Texas businesses receiving loans under the Paycheck Protection Program voted by Congress in response to the COVID-19 pandemic. Among the
Uber Technologies, which has sought to delay planned investments in Texas due to the COVID-19 pandemic, announced the acquisition of one of its home-delivery rivals. Allen Pusey has the details.
UPDATED: Texas-headquartered dealmaking has plummeted to historic levels in 2020. The second quarter had only 89 deals, only one more than Q1 2009, at the nadir of the Great Recession. The Texas Lawbook has the numbers and they include a nearly 94% drop in year-over-year value from 2019.
The State Bar of Texas reported its formal actions for June, including 3 disbarments, 11 lawyers suspended and 2 public reprimands. There were no judicial actions reported.
The oil and gas industry is still reeling from “Black April” — when the NYMEX oil benchmark hit bottom and kept going. Last week two major price reporting agencies launched their own benchmarks aiming to solve the problem by setting the price of Texas oil in Texas.
In addition to a reduced price, the two companies agreed to sell $835 million in assets, including some likely required for DOJ antitrust clearance.
We know you’re worried that oil is still hovering stubbornly around $40bbl. But as the weekly CDT Roundup explains, it could be worse: you could be in retail.
Maybe misery doesn’t always love company. But every once in a while it does enjoy taking inventory. Allen Pusey, standing in for Claire Poole, explains in this week’s roundup.