Valuation is a critical and indispensable element of the Chapter 11 bankruptcy process. It drives many aspects of a Chapter 11 case, from petition to plan confirmation, in all circumstances. But the COVID-19 pandemic has added a layer of complexity—and volatility—to bankruptcy valuation issues. This is likely to affect decisions about whether and when a company should enter Chapter 11, and how creditors and shareholders will be treated as a result of Chapter 11 filings.