The Southern District of Texas has been a hub for corporate bankruptcies for some time, but even more so now as energy companies continue to be crippled by the one-two punch of the coronavirus outbreak and oil price war. Natalie Posgate explains the circumstances behind three new energy bankruptcies in Houston and identifies their lawyers.
The country is about to witness an unprecedented number of corporate bankruptcy filings. Companies that were otherwise healthy 90 days ago or at least had a fighting chance of avoiding a trip through the bowels of bankruptcy are now faced with the grim reality of a Chapter 11 filing. Gary Kennedy, who guided American Airlines through one of the most successful corporate bankruptcies in history, provides guidance for companies facing restructuring.
More Texas businesses are filing for bankruptcy this year than during the Great Recession or anytime in the past two decades, and legal experts say the wave of insolvencies and restructurings is still far from breaking or hitting their peak. Houston has emerged as the preferred venue for large, complex restructurings for companies such as J.C. Penney and Neiman Marcus, though Dallas has a new bankruptcy judge on deck. The Texas Lawbook examines the trends and provides analysis from the top bankruptcy experts.
The stores in the real estate investment trust would be leased to a new operating company called “New JCP”, according to court documents.
On Page 15 of J.C. Penney Company’s bankruptcy filing Friday late afternoon, there is the signature of the corporation’s general counsel and corporate secretary, Brandy Treadway. “Attached hereto is a true, complete, and correct copy of the resolutions of the Board of Directors of the Company.” Here is a profile of J.C. Penney’s GC, who will play a critical role in the retailer’s restructuring.
Ending weeks, even months, of speculation, Texas-based retailer J.C. Penney filed for Chapter 11 bankruptcy protection late Friday in the Southern District of Texas. Natalie Posgate reports.
Colorado-based Ultra Petroleum is one of the latest energy companies to file for bankruptcy amid the COVID-19 and oil pricing crises. The restructuring is another example of Kirkland and Jackson Walker teaming up. Natalie Posgate has the details.
The romance continued Sunday evening between Jackson Walker and Kirkland & Ellis as the bankruptcy duo filed a Chapter 11 corporate restructuring petition on behalf of Houston-based department store chain Stage Stores, which operates Bealls, Palais Royal and others.
The much-anticipated move by the luxury retailer involved 24 separate entities filing in the Southern District of Texas. Natalie Posgate has the names of lawyers and bankers involved.
J.Crew is the first of an expected wave of major brand names to file for bankruptcy as the COVID-19 pandemic continues to keep retailers’ doors shuttered. J.Crew’s Chapter 11 features prolific Dallas litigators and a private equity owner with Texas roots.