News

Today's News

May 29, 2020 - 72 new headlines

Tuesday Morning Initiates 230 Store Closures, Files for Chapter 11 Bankruptcy - Our Community Now at Maryland

05/29/2020 Tuesday Morning Initiates 230 Store Closures, Files for Chapter 11 Bankruptcy  Our Community Now at Maryland [more]
Tags: News, Reorganizations

Moody's downgrades Chicago Archdiocese debt, adding to its woes - Crain's Chicago Business

05/29/2020 Moody's downgrades Chicago Archdiocese debt, adding to its woes  Crain's Chicago Business [more]
Tags: Filings, News

Ravn is fighting to keep flying, but a French bank is pushing to sell off the company's planes - KTOO

05/29/2020 Ravn is fighting to keep flying, but a French bank is pushing to sell off the company's planes  KTOO [more]
Tags: Filings, News

JC Penney stores reopened in Vero Beach, Jensen Beach; but will they survive bankruptcy? - msnNOW

05/29/2020 JC Penney stores reopened in Vero Beach, Jensen Beach; but will they survive bankruptcy?  msnNOW [more]
Tags: Liquidation, News

Downtown restaurant files for Chapter 7 bankruptcy - San Antonio Business Journal

05/29/2020 Downtown restaurant files for Chapter 7 bankruptcy  San Antonio Business Journal [more]
Tags: Filings, News

The week in bankruptcies: Portland Chinese restaurant declares Chapter 7 - Portland - Portland Business Journal

05/29/2020 The week in bankruptcies: Portland Chinese restaurant declares Chapter 7 - Portland  Portland Business Journal [more]
Tags: Filings, News

Two-thirds of publicly traded restaurants could face bankruptcy - AdAge.com

05/29/2020 Two-thirds of publicly traded restaurants could face bankruptcy  AdAge.com [more]
Tags: Filings, News

Exploring the Expansion of the Bankruptcy Code under the CARES Act - JD Supra

05/29/2020 Exploring the Expansion of the Bankruptcy Code under the CARES Act  JD Supra [more]
Tags: Filings, News

Covid-19 hobbles another national retailer; Fresno, Visalia stores to close - The Business Journal

05/29/2020 Covid-19 hobbles another national retailer; Fresno, Visalia stores to close  The Business Journal [more]
Tags: 363 Sales, News

The Shale Bust Has Arrived - OilPrice.com

05/29/2020 The Shale Bust Has Arrived  OilPrice.com [more]
Tags: Liquidation, News

Blogs

PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week

05/29/2020 The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic. [more]
Tags: American Express, Bank of America, Bankruptcy Blogs, BankThink, Capital requirements, Citizens Financial, Cloud Computing, Delinquencies, foreclosures, Paycheck Protection Program, SBA

6 key Senate races for bankers to watch

05/29/2020 Several Senate Banking Committee members from both parties are facing tough reelection challenges in a year when control of the entire chamber — and the banking policy agenda — may be up for grabs. [more]
Tags: Alabama, AML, Arizona, Bankruptcy Blogs, BankThink, Election 2020, georgia, Marijuana banking, Mitch McConnell, north carolina, Regulatory reform, Senate Banking Committee

Fed policies ‘absolutely’ don’t add to inequality, Powell says

05/29/2020 Chairman Jerome Powell said the Federal Reserve's actions during the coronavirus outbreak have been aimed squarely at helping U.S. workers, not Wall Street or wealthier Americans. He also said Friday that a new lending program geared toward middle-market firms is "days away" from getting up and [more]
Tags: Bankruptcy Blogs, BankThink, Coronavirus, Federal Reserve, Jerome Powell, Policymaking, Under-served populations

The reasons some banks have a hard stop on PPP lending

05/29/2020 Many lenders are paying close attention to liquidity and capital ratios. Others are trying to avoid overtaxing employees who process, service and handle forgiveness of the loans. [more]
Tags: Bankruptcy Blogs, BankThink, Capital, Coronavirus, Liquidity, Paycheck Protection Program, Small business lending

OCC finishes rule meant to sidestep 'Madden' ruling

05/29/2020 The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines. [more]
Tags: Bankruptcy Blogs, BankThink, Brian Brooks, FDIC, interest rates, Marketplace lending, Midland Funding v Madden, Nonbank, OCC, Regulatory relief, State regulators

Citi breaks with rivals on whether work from home is permanent

05/29/2020 Though he acknowledged working remotely has definite advantages, CEO Michael Corbat says “our goal is to get our employees back." [more]
Tags: Bankruptcy Blogs, BankThink, Citigroup, Coronavirus, Michael Corbat, Workforce management

Wells Fargo struggling to stay under asset cap amid pandemic, CEO says

05/29/2020 Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal. [more]
Tags: Bankruptcy Blogs, BankThink, Charles Scharf, Consumer banking, Coronavirus, Corporate governance, Deposits, Enforcement actions, Federal Reserve, Wells Fargo

Why Is Anyone Paying Retention Bonuses in Today's Economy?

05/29/2020 Wall Street Journal today has a story about Hertz having paid out $16 million in retention bonuses before filing for bankruptcy. It seems that several other firms have done the same recently. In normal times, a retention bonus isn't a crazy idea--there are downsides to remaining employed at a [more]
Tags: Bankruptcy Blogs, Corporate Bankruptcy, CreditSlips

Banks told by EU to take climate change into account in lending

05/29/2020 European authorities have told banks for the first time to take account of environmental risks in lending decisions, ramping up pressure on the financial industry to respond to climate change. [more]
Tags: Bankruptcy Blogs, BankThink, climate change, Commercial lending, Consumer lending, European Union

Lender beware: Emergency relief efforts are inherently risky

05/29/2020 The takeaway from the PPP rollout is that bankers must protect their reputations and limit their risk appetites as they participate in further government-backed rescue programs. [more]
Tags: Bankruptcy Blogs, BankThink, Coronavirus, Crisis management, Economy, Federal Reserve, Lending, Risk, Risk appetite, Risk management, Risk tolerance, stress tests