The banks want their money. The Oil Industry Bankruptcy Wave Has Only Just Begun The industry, which has already seen a few notable bankruptcies, will probably witness many more in the coming months. True Religion, a designer jeans retailer with locations of its own in 26 states and a presence in other major department stores, filed on April 13 for the second time in less than three years. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. Centric Brands, an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger, filed on May 18. A report released by Statistics Canada found one-in-five Canadian businesses had laid off more than 80 per cent of their staff. Good Monday morning, — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which … Canadian bankruptcies laws. ... Cancelled its 2020 season, resulting in the loss of 240 jobs. Instead, however, those actions are being deferred. Bank. Chesapeake Energy was among the companies to file for bankruptcy protection in recent weeks. , a prominent Canadian fashion retailer with 576 stores. General Motors This makes the impact of the 2008 financial crisis particularly easy to spot. Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. DEC 10, 2020 - Twelve midsize to large corporations – all with more than $10 million in debt – filed for Chapter 11 bankruptcy protection during the third week of June, another consequence of the coronavirus pandemic and continued trouble in America’s oil industry. Delta, United "These are incredibly tragic and heartbreaking numbers to look at," he said. and announced it was being bought and taken private by Deerfield Partners. Many people who have been laid off are able to take advantage of the Canada Emergency Response Benefit, which, while, not a huge amount of money, is enough to deal with day-to-day expenses, Brzezinski said. PUBLISHED - Dec 4, 2020. Consumer bankruptcies in Alberta decreased by 34.4%, from 486 in October 2019 to 319 in October 2020. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. More are on the way. —equivalent to more than $100 million—due to coronavirus. When it comes to consumer bankruptcies, business is actually down — fewer people are filing now than they did before the pandemic began, said Brzezinski, a partner in the Toronto-based legal firm Blaney McMurtry and specializes in business reorganization, insolvency, liquidation and bankruptcy. IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. You can't even get into a mall, let alone buy that product at the stores. This list may not reflect recent changes . Skillsoft, a corporate e-learning and talent development servicer, filed on June 14 to reduce its debt to $410 million from about $2 billion. went insolvent during the last financial crisis in 2009 and regained its footing and profitability as America’s largest automaker. , weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. to wipe out more than $5 billion in debt. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. to reduce its debt by more than $400 million. You may check the Multiyear Immigration Plan (2020-2022) for details. , ending 163 years of family control of the business and signaling the continuing erosion of local news. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. ^^^Chesapeake filed on 8/21/2020 its schedules with a total of over $95B in debt, most of which is intercompany loans and therefore not included. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. that it had under-reported its debt by $2.7 billion. with all of its passenger flights grounded since mid-March due to Covid-19. , a movie theater chain that also owns dine-in restaurants and bars. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. "And it's not ringing. The number of Canadian bankruptcies decreased by 18.3% over the same time period. 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