The Dallas-based company has tapped lawyers at Dykema to lead it through Chapter 11. Natalie Posgate reports on this story and another bankruptcy filing by a Dallas men’s clothier.
Three weeks after losing the very first IP trial decided by U.S. District Judge Alan Albright, Crowley-based Diamondback Industries filed for bankruptcy protection, citing the $40 million judgment as first among their debts. Natalie Posgate has the details.
The DFW-based retailers skipped debt payments this week as the COVID-19 pandemic ravages retailers and reports that both are possibly in bankruptcy talks, according to multiple reports.
The move returns the Blank Rome attorney to his former firm, where he last served as counsel.
The parent company of Chuck E. Cheese and Peter Piper Pizza has created a committee to explore restructuring and financing opportunities and hired two highly-respected firms as its primary outside advisors, according to documents filed by CEC Entertainment with the U.S. Securities and Exchange Commission.
UPDATED The attorney specializes in private equity financings and debt restructurings in the energy industry, including special and distressed situations.
Oilfield services providers followed with 204 bankruptcies over the last five years and midstream providers amounted to 30, according to Haynes and Boone. But few in the oil and gas industry will be immune given low oil prices and uncertainty around the demand-sapping coronavirus.
DBJ: Dean Foods Finds Buyer for ‘Substantial Portion’ of Business Operations Amid Chapter 11 Proceedings
Dairy Farmers of America will acquire 44 of Dean’s fluid and frozen assets for $433 million in cash. The Dallas Business Journal has more on the story.
The results contrast with Haynes and Boone’s fall survey, which found the largest share of respondents predicting a 10% decrease during redetermination season.
The government is closing in on a $50 billion infusion of emergency aid to the airline industry in light of the extraordinary decrease in demand for air travel following the onset of COVID-19. While well-intended, the proposed package is insufficient to ward off catastrophic airline failures.