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Bankruptcy Veterans See Surge In Corporate Filings
Corporate bankruptcies have been a hot topic lately, with several businesses or their parent companies declaring bankruptcy, announcing they plan to do so or saying they may to do so soon.
In October it was revealed that Cineworld, the parent company for Regal Cinemas, paid the Kirkland law firm a $300,000 retainer and made subsequent advance retainer payments totaling $16.3 million prior to filing for Chapter 11 bankruptcy protection in a Texas federal court in September, according to Kirkland's employment application in federal bankruptcy court.
In late January, Bed Bath & Beyond Inc. moved closer to a bankruptcy filing after it said it received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn't have enough funds to make payments. In February, Sinclair Broadcast Group, which owns Bally Sports, announced it would declare bankruptcy.
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