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I explore how our lives are shaped by our relationship to the land, water and air. Have a question you want me to answer? Email me. Edit Article Add New Article. Toggle navigation. Opinion Editorials Letters to the Editor Local columnists. Photo Galleries Videos Reproductions. Hot Topics:. The Exide smelter stack stands idle at the plant in Laureldale. Lisa Scheid LisaScheid on Twitter I explore how our lives are shaped by our relationship to the land, water and air.
Author email. The gaming company owns the Mohegan Sun casino in Connecticut, which closed March 17 after the state shuttered nonessential businesses amid the pandemic. The premium cookware seller is preparing for bankruptcy after it was forced to close stores and cancel cooking classes, according to a Bloomberg report. Sur La Table is also reportedly pursuing a sale. Sign up for free newsletters and get more CNBC delivered to your inbox.
Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. The economic uncertainty driven by the Covid pandemic has pushed struggling companies over the edge into bankruptcy proceedings.
There has been a notable increase in bankruptcy filings during the pandemic, according to the American Bankruptcy Institute. A man walks past a store going out of business on May 5, in the Brooklyn borough in New York City. Members of media gather at the Diamond Princess cruise ship, operated by Carnival Corp. Here is a rundown of the major companies dealing with the financial fallout of the coronavirus.
Employees attach hooks from a crane to a set of chains on the quay side, in view of the Ocean Vanguard mobile offshore drilling unit, operated by Diamond Offshore Drilling Inc. Frontier Communications The high-speed internet company announced April 14 that it was initiating bankruptcy proceedings.
Gold's Gym The fitness chain filed for bankruptcy on May 4. Intelsat The satellite operator announced Wednesday that it filed for bankruptcy protection. John Varvatos Enterprises The menswear brand filed for Chapter 11 bankruptcy on May 6 as part of an agreement to sell all of its business and assets to British private equity firm Lion Capital. Neiman Marcus. VIDEO Bankruptcy consultant on the lasting scars of Covid on retail sector.
True Religion Apparel The denim retailer filed for Chapter 11 bankruptcy for the second time in less than three years on April Hertz The car rental company said there are doubts about its ability to continue as a going concern.
JC Penney. Signage is displayed outside a JC Penney Co. Sur La Table The premium cookware seller is preparing for bankruptcy after it was forced to close stores and cancel cooking classes, according to a Bloomberg report. Street Signs Asia. Related Tags. Coronavirus live updates: U. Coronavirus cases surge among younger Californians.
John W. Schoen 31 min ago. Our work-from-home ETF could have staying power beyond the pandemic, Direxion's head of product says. Lizzy Gurdus 38 min ago. Read More. News Tips Got a confidential news tip? We want to hear from you. Get In Touch. Subject to Court approval, this DIP financing will provide sufficient liquidity to support ongoing operations in North America for the duration of the sale process and restructuring.
To ensure a smooth transition into Chapter 11, the Company filed with the Court a series of customary motions seeking to uphold its commitments to its valued employees, customers, and other stakeholders during the process. These "first day" motions include requests to continue to pay wages and provide benefits to employees in the normal course and otherwise operate the business as usual to facilitate the continued manufacturing and delivery of product to customers, without interruption.
The Company is also filing a motion to initiate a competitive bidding process under Section of the Bankruptcy Code, designed to achieve the highest or otherwise best offers, for the North American, EMEA, and Asia-Pacific businesses.
During the proceedings, Exide is committed to working collaboratively with the relevant local, state, and federal agencies to achieve an orderly transfer or sale of its non-operating properties in the U. Separately, Exide has entered into a restructuring support agreement under which an ad hoc group of the Company's noteholders would acquire its EMEA and Asia-Pacific business, subject to certain conditions outlined in the transaction documents, and subject to higher or better offers. The new owners intend to maintain continued employment of the Company's workforce in these regions.
The agreement includes a "go-shop" period with a bid submission deadline and auction to be held in early July