Action Items

• Review our In-Depth: COVID-19 – Bankruptcy Considerations.

Recent media stories have predicted a wave of bankruptcy filings by businesses that have seen dramatic losses of revenue due to COVID-19 (coronavirus). Many such businesses will likely default on loans and leases, and will face eviction and foreclosure actions. But will a bankruptcy filing really provide any relief to a business that has fallen victim to the enormous disruption caused by the virus crisis?

COVID-19 – Bankruptcy Considerations

Click here to review each consideration in more detail: in-depth-covid-19-bankruptcy-considerations

• Short Term – Bankruptcy Will Provide Breathing Room
• Long Term – This Situation Is Not Well-Suited To Bankruptcy
• Bankruptcy, Or The Threat Of It, Does Provide Leverage For Borrowers & Tenants

We Can Help You

We have been on the forefront of dealing with COVID-19 for our clients. Please contact us if you would like to discuss any of these issues or if we can otherwise be of assistance.

COVID-19 Resources

We strongly recommend you evaluate the following pandemic-related business and legal considerations that we have been discussing with our clients in the following Client Alerts:

• Chicago Small Business Resiliency Fund

• COVID-19 – New Employer Obligations & Considerations
  • In-Depth: COVID-19 – New Employer Obligations & Considerations
• Top 10 Considerations For Pandemic Responsiveness
  • In-Depth: Top 10 Considerations For Pandemic Responsiveness
• COVID-19 Insurance Coverage Considerations
• 10 Steps For Following Regulators’ COVID-19 Guidance
  • In-Depth: 10 Steps For Following Regulators’ COVID-19 Guidance
• Webinar: Is Your Bank's Pandemic Contingency Plan Ready For Implementation?
• Financial Institutions Urged To Work With Borrowers Impacted By COVID-19

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