On June 1, 2022, California-based Zosano Pharma Corporation, a clinical-stage biopharmaceutical company enabling the systemic administration of therapeutics and other bioactive molecules to patients using a proprietary transdermal microneedle patch system, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware (Case No. 22-10506).
On June 1, 2022, Houston-based petrochemical manufacturer TPC Group Inc., and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for District of Delaware to pursue a “prearranged” financial restructuring (Case No. 22-10493).
On May 10, 2022, Talen Energy Supply, LLC, a Texas-based independent power producer founded in 2015, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90054).
On May 8, 2022, Armstrong Flooring, Inc., a Lancaster, Pennsylvania-based designer and manufacturer of innovative flooring solutions, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10426).
Another interesting summary in the Times reporting on the staggering levels of fraud committed against the UK taxpayer during the pandemic. Whilst the Insolvency Service are clearly doing their best to hold fraudsters to account through disqualification orders and similar punitive measures, it appears that we are no closer to a financial recovery of any meaningful value, or at the very least imposing real financial pain on those who took advantage of the country’s generosity in the face of the unprecedented challenges of the Covid pandemic.
On April 28, 2022, HONX, Inc. of Houston, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 22-90035). Hess Corp owns 100% of the debtor’s equity. The petition includes a written consent by the independent directors of Honx providing for entry into a funding agreement among the debtor and Hess Corp.
On April 24, 2022, EYP Group Holdings, Inc. of Albany, NY filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10367), along with several affiliates.
On April 24, 2022, Hamon Holdings Corporation of Somerville, N.J. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10375). The company is subsidiary of Belgian company Hamon & Cie.
Four months ago I posted this article on the impact of Omicron related restrictions and other economic headwinds on an already battered hospitality and leisure sector. Operators in these sectors have worked so hard to survive the Covid-era by cutting costs, seeking operational efficiencies, and negotiating support from stakeholders and we all hoped that Omicron was but a short-term delay in the return to normalcy.
Celebrated WWII leader, General George Patton, once said “Do not try to make circumstances fit your plans. Make plans that fit the circumstances.” Unfortunately, it’s advice that is not being fully heeded, according to the FCA’s latest thematic review on wind-down planning The FCA has concluded that “significant further work” is needed to ensure wind-down plans are credible and operable, and has urged all firms to ensure adequate procedures and resources (both financial and non-financial) are in place.