What We’re Reading This Week [December 28, 2020]
Reporting from S&P Global shows that from January 1, 2020 through December 13, 2020, there were 610 commercial bankruptcy filings by public and private entities with at least $2 million in reported assets or liabilities at the time of the bankruptcy filing. Entities in the consumer discretionary, industrial, energy, and healthcare industries made up over half of those filing entities. [S&P; Dec. 15, 2020]
On December 21, 2020, the United States Congress passed the Bankruptcy Administration Improvement Act of 2020, which, among other things, extends 25 temporary judgeships on the bankruptcy bench and provides for a temporary increase in United States Trustee fees. [U.S. Congress; Dec. 21, 2020]
Forbes reports that in connection with the reopening of the Paycheck Protection Program with an additional $285 billion in funding, the U.S. Bankruptcy Code will be amended to add sections 364(g)(1) and 503(b)(10), which authorize bankruptcy courts to permit debtors to obtain loans under the Paycheck Protection Program and grant an administrative expense priority to such loans. [Forbes; Dec. 19, 2020]
The Chicago Sun-Times reports that the U.S. Bankruptcy Court for the Southern District of Texas has approved the sale of substantially all of Ebony Media Operations’ assets to Bridgeman Sports and Media, which is owned by former NBA player Ulysses “Junior” Bridgeman, for approximately $14 million. Bridgeman Sports and Media was reportedly the only bidder for the assets and plans to revive Ebony magazine as a digital publication. [Chicago Sun-Times; Dec. 22, 2020]
