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First Trickle of Expected Flood of Chapter 11 Cases Hits Delaware Courts

May 01, 2020, 09:05 AM
Filed Under: Bankruptcy
Related: Bankruptcy, COVID-19

Legal experts say COVID-19 related business bankruptcy filing in the state of Delaware will likely outpace those seen during the Great Recession of 2008-2009, as the first cases begin to land in front of judges.

According to a report from Delaware Public Media, several companies filed Chapter 11 during the month of April, including an affiliate of airline JetSuite, filed bankruptcy petitions related to business disruptions created by the Coronavirus.

This has restructuring agents and attorneys bracing for a significant demand as the economy begins to right itself.

“The filings that took place [in Delaware] during the recession of 2008-2009, the number of bankruptcy filings in Delaware [in 2020] will undoubtedly surpass what happened in those times,” said David deBruin is a director in Gawthrop Greenwood’s Restructuring and Corporate Bankruptcy department.

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