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Home ยป Debt Relief ยป 21 Companies That Filed For Bankruptcy in 2020

21 Companies That Filed For Bankruptcy in 2020

August 4, 2020 by Brian Allen

Bankruptcy news: 21 companies hit the hardest in 2020.

COVID-19, or the Chinese Virus as some call it, is creating a massive storm of bankruptcies throughout the U.S. Some businesses now find themselves struggling to stay afloat and are forced to file for Chapter 11 bankruptcy.

Barclays chief U.S. economist Michael Gapen recently said “I think what youโ€™re seeing is what weโ€™ll call the prolonged washout from COVID“. The virus is showing no sign of slowing down – with more bankruptcies announced everyday. That said, here are 21 bankruptcies you should know about.ย 

The Hertz Corporation

Hertz Corporation Chapter 11 bankruptcy
  • Category: Automotive
  • Year founded: 1918

The Hertz Corporation is a car rental company that operates in 150 countries, including North America, Latin America, Europe and others. The company was founded in 1918 by Walter L. Jacobs. On April 30, 2020, Hertz announced they were attempting to avoid bankruptcy after missed lease payments on its fleet. Hertz recently stated they are seeking to raise up to $1 billion in new equity.


Latam Airlines Group S.A

Latam Airlines Group files for Chapter 11 bankruptcy
  • Category: Aviation
  • Year founded: 2012

Airline holding company, Latam Airlines Group S.A, recently filed for bankruptcy in the U.S. on May 26, 2020. The airline holdings group filed for bankruptcy due to the COVID-19 pandemic. The company is the largest airliner in Latin America.


Frontier Communications Corporation

Frontier Communications high-speed fiber internet company, files for Chapter 11 bankruptcy in 2020
  • Category: Telecom
  • Year founded: 1935

United States telecommunications giant, Frontier Communications Corporation, filed for bankruptcy on April 14, 2020. The company offers broadband Internet services, television, and computer technical support to residential/business customers in 29 states.


Intelesat S.A.

Intelesat is also the latest to file Chapter 11 bankruptcy
  • Category: Telecom
  • Year founded: 1964

Intelesat is a satellite communications provider, providing international broadcasting services. The company filed for bankruptcy protection on May 13, 2020. According to public documents, they hope to restructure the company and raise capital to launch a new satellite technology by 2022 – 2023.


McDermott International, Inc

Offshore oil and gas company, McDermott files for Chapter 11 bankruptcy amid COVID-19 pandemic in 2020
  • Category: Oil & Gas
  • Year founded: 1923

McDermott International is a global engineering and construction company that operates in North America and the Middle East, primarily in the oil and gas industry. McDermott filed for bankruptcy January 21, 2020.

Update: July 13, 2020. McDermott exits bankruptcy after shedding $4.6 billion in debt.


J.C. Penney

Retail giant, J.C. Penney is one of the first to file Chapter 11 bankruptcy in 2020
  • Category: Retail
  • Year founded: 1913

Department store giant, J.C. Penney declared bankruptcy protection on May 15, 2020. With over 840 locations in 49 U.S. states and Puerto Rico, the company recently announced that there would be an additional 242 store closings.


Whiting Petroleum Corporation

Yet another oil and gas company, Whiting Petroleum files for Chapter 11 bankruptcy amid pandemic of 2020
  • Category: Oil & Gas
  • Year founded: 1980

Whiting Petroleum Corporation is one of the largest companies engaged in hydrocarbon exploration in the United States. On April 1, 2020 the company announced their bankruptcy in the state of Texas due to the 2020 Russiaโ€“Saudi Arabia oil price war.


Neiman Marcus Group LTD LLC

Luxury retail giant, Neiman Marcus, elects to file for bankruptcy in 2020
  • Category: Retail
  • Year founded: 1907

Neiman Marcus is a chain of luxury department stores with company headquarters located in Dallas, Texas. In April 2020, the company was in preparations to submit bankruptcy documents. In March, Neiman Marcus Group laid off 14,000 employees.


Avianca Holdings S.A. (2020)

Major airline, Avianca Holdings declares bankruptcy protection
  • Category: Aviation
  • Year founded: 2010

Avianca and TACA airlines merged to form one airline in February 2010. Avianca Holdings operates in over 100+ destinations throughout America and Europe. The company recently claimed bankruptcy protection on May 10, 2020 after not being able to pay bond holders due to the COVID-19 pandemic.


Diamond Offshore Drilling, Inc

Diamond Offshore Drilling having financial problems amid the virus outbreak, filed for bankruptcy.
  • Category: Oil & Gas
  • Year founded: 1964

Offshore drilling contractor, Diamond Offshore Drilling, located in Katy, Texas, has filed for bankruptcy. The oil and gas industry took a major hit during the COVID-19 pandemic sweeping the world, with several oil and gas companies filing for protection.


Extraction Oil and Gas, Inc

The COVID-19 pandemic forces Extraction Oil and Gas goes bankrupt (2020)
  • Category: Oil & Gas
  • Year founded: 2012

Extraction Oil and Gas, Inc is an energy exploration company headquartered in Denver, Colorado. Their main focus is on crude oil, natural gas, and NGL exploration and development.


Hornbeck Offshore Services, Inc

Oil and Gas industry takes a beating as Hornbeck Offshore services declares bankruptcy status.
  • Category: Oil & Gas
  • Year founded: 1980

Hornbeck Offshore provides marine services and logistics to the offshore oil and gas industry. With more than $1.2 billion in debt as of May 2020, the company has filed for protection.


Foresight Energy LP

Mining companies are also affected, with Foresight Energy the latest to declare bankruptcy
  • Category: Oil & Gas
  • Year founded: 2004

Foresight Energy is a mining company that has one of the largest holdings of coal reserves in the United States — with 2.1 billion in coal reserves. Foresight Energy filed for bankruptcy on March 10, 2020.


Unit Corporation

Yet another oil and gas company gets hit hard and files for bankruptcy protection in 2020
  • Category: Oil & Gas
  • Year founded: 1963

Unit Corporation is an energy company in the oil and gas industry focused on the exploration and production of oil and gas. On May 22, 2020, Unit Corporation announced their intent to file for bankruptcy.

CEC Entertainment, Inc (Chuck E. Cheese’s)

Famous entertainment restaurant, Chuck E, Cheese files for bankruptcy protection
  • Category: Restaurant
  • Year founded: 1977

Chuck E. Cheese is a chain of entertainment centers and American restaurants owned by CEC Entertainment. Restaurants have been hit especially hard amid the coronavirus epidemic in 2020. And it’s not just local restaurants – the big chains are seeing a drop in revenue. The lockdowns due to the pandemic are the main cause. The company is in debt an estimated $1โ€“2ย billion dollars. On June 25, 2020, CEC Entertainment filed for a corporate restructure.


Stage Stores, Inc (2020)

Retailer, Gordmans, owned by Stage Stores, Inc, has filed for Chapter 11 bankruptcy
  • Category: Retail
  • Year founded: 1992

Stage Stores has historically operated large national retail chains in the Uniteed States Bealls, Palais Royal, Peebles, Stage, and Goody’s. Now operating under the Gordman’s brand, the company was forced to restructure to handle a massive increase in debt.

LSC Communications, Inc

Financial woes also hit the publishing industry hard, as LSC Communications, Inc files for bankruptcy
  • Category: Publishing
  • Year founded: 2016

LSC Communications is the largest book publisher in the United States. LSC Communications declared bankruptcy in 2020 amid the COVID-19 pandemic, which caused damaging financial issues.


Chinos Holdings, Inc (J. Crew)

Is this goodbye for Chinos Holdings, Inc and J. Crew? The company recently filed for chapter 11 bankruptcy.  Only time will tell.
  • Category: Retail
  • Year founded: 2010

Chinos Holdings, Inc is a holding company for multi-national retailer J.Crew Group, Inc. J.Crew is a clothing retailer with several locations throughout the United States and also located in malls around the world. Chinos Holdings Group, Inc officially filed for bankruptcy protection on May 4, 2020.


Quorum Health Corporation

Even healthcare is being affected in 2020, as Quorum Healthcare Corporation files for bankruptcy (2020)
  • Category: Healthcare
  • Year founded: 1985

Quorum Health Corporation invests capital into local community hospitals and provides operational management services to help hospitals navigate the complex and ever changing healthcare landscape. On April 7, 2020, Quorum Health Corporation announced their intent to file for corporate bankruptcy protection, with the goal of reducing its debt by $500 million.


Chesapeake Energy

Energy company, Chesapeake Energy has declared bankruptcy.
  • Category: Oil & Gas
  • Year founded: 1989

Chesapeake Energy is a hydrocarbon exploration company in the United States. On June 28, 2020, Chesapeake Energy became financially stressed due to the massive drop in oil and gas prices and declared bankruptcy.


Date

Company

Assets

Liabilities

Industry

January 21, 2020

McDermott International, Inc

$8,754,000,000

$9,863,000,000

Oil and Gas

May 10, 2020

Avianca Holdings S.A. (2020)

$7,273,900,000

$7,268,700,000

Aviation

May 15, 2020

J.C. Penney

$7,989,000,000

$7,160,000,000

Retail

May 7, 2020

Neiman Marcus Group LTD LLC

$7,545,903,000

$6,786,722,000

Retail

April 1, 2020

Whiting Petroleum Corporation

$7,636,700,000

$3,611,800,000

Oil and Gas

May 22, 2020

The Hertz Corporation

$25,842,000,000

$24,355,000,000

Automotive

April 14, 2020

Frontier Communications Corporation

$17,433,201,422

$21,855,602,151

Telecom

May 4, 2020

Chinos Holdings, Inc (J. Crew)

$1,599,300,000

$2,949,700,000

Retail

April 26, 2020

Diamond Offshore Drilling, Inc

$5,834,044,000

$2,601,834,000

Oil and Gas

June 14, 2020

Extraction Oil and Gas, Inc

$2,926,957,000

$2,242,581,000

Oil and Gas

May 18, 2020

Centric Brands, Inc

$1,855,722,808

$2,014,385,923

Apparel

May 25, 2020

Latam Airlines Group S.A

$21,087,806,000

$17,958,629,000

Aviation

May 14, 2020

Intelesat S.A.

$11,651,588,000

$16,805,844,000

Telecom

July 12, 2020

Chesapeake Energy

$16,200,000,000

$11,800,000,000

Oil and Gas

June 24, 2020

CEC Entertainment, Inc (Chuck E. Cheese’s)

$1,743,518,039

$1,998,548,744

Restaurant

March 10, 2020

Foresight Energy LP

$2,385,563,000

$1,877,628,000

Mining

April 13, 2020

LSC Communications, Inc

$1,649,000,000

$1,721,000,000

Publishing

April 13, 2020

Quorum Health Corporation

$1,574,100,000

$1,646,700,000

Healthcare

May 19, 2020

Hornbeck Offshore Services, Inc

$2,691,806,000

$1,493,912,000

Oil and Gas

May 22, 2020

Unit Corporation

$2,090,052,000

$1,034,417,000

Oil and Gas

May 10, 2020

Stage Stores, Inc (2020)

$1,713,713,000

$1,010,210,000

Retail

Filed Under: Debt Relief

About Brian Allen

Brian Allen has been helping people make smarter financial decisions for over 10 years. As the Editor-in-Chief for Goloans, Brian writes about sage financial advice, "how to" articles, and reviews about lenders and creditors.

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