Sarah Banda U.S. Bankruptcy Court (N.D. Ga.); Atlanta On May 15th, JCPenney announced that the company was filing for chapter 11 relief. Another in a trend of major retailers filing for bankruptcy. JCPenney's announcement was expected, as forced closures in the pandemic exacerbated the company's pre-COVID financial problems.1 However, what raised some eyebrows is the company's plan to spin its properties into a real estate investment trust (REIT) as a part of its proposal to emerge from bankruptcy.
On August 31, 2020, the Tenth Circuit affirmed the United States Bankruptcy Court for the District of Colorado’s holding that certain student loans not guaranteed by a governmental unit may be discharged in bankruptcy.
On June 23, the New York County Supreme Court issued a rare preliminary injunction temporarily halting a mezzanine lender’s UCC foreclosure sale of the Mark Hotel in New York City because the procedures for the foreclosure sale were not commercially reasonable in light of conditions caused by the COVID-19 pandemic (D2 Mark LLC v. Orei VI Investments LLC, 2020 WL 3432950 (2020)).
On June 22, 2020, FERC issued a declaratory order confirming its view that it shares jurisdiction with the United States Bankruptcy Court (“Bankruptcy Court”) over transportation agreements between ETC Tiger Pipeline, LLC (“ETC Tiger”) and Chesapeake Energy Marketing L.L.C. (“Chesapeake”). As a result, aside from obtaining approval from the Bankruptcy Court to reject its contracts with ETC Tiger, Chesapeake must seek a determination from FERC as to whether a filed rate may be modified or abrogated under the Natural Gas Act (“NGA”).
To tackle the Covid-19 pandemic crisis, three new measures to strengthen the liquidity and solvency of businesses in Belgium were submitted to the federal parliament in a draft bill on 5 June 2020.
1° Anticipated tax deduction of losses (individual income tax and non-resident individual income tax)
What is it about?
The taxable result generated in income year 2019 (tax assessment year 2020) can be exempt from tax up to the (estimated) professional losses to be suffered in income year 2020 (tax assessment year 2021).
Client Alert
On May 7, 2020, New York Gov. Andrew Cuomo enacted Executive Order No. 202.28, which extended and expanded — but in some cases narrowed — the temporary suspension of several New York state laws due to the COVID-19 crisis. The Executive Order impacts many industries and individuals in New York state, including both commercial and residential landlords and tenants.
The SBA’s Rules Exclude Bankruptcy Debtors From Relief Under the Paycheck Protection Program
The SBA’s Rules Exclude Bankruptcy Debtors from Relief Under the Paycheck Protection Program
In the context of the COVID-19 pandemic, many measures have already been taken to support the economy as much as possible during these turbulent times. It is already clear that the impact will be enormous and that the cash buffer built up by some companies will not be enough to survive this crisis. Measures such as deferrals on paying tax and social debts, temporary unemployment due to economic reasons and the Belgian State’s guarantee scheme for bank loans will not suffice for some.