Ultimate Resource On Business Bankruptcies In 2020

About 3,600 businesses filed for chapter 11 protection, though bankruptcy-related job cuts fell from first six months of 2019. Ultimate Resource On Business Bankruptcies In 2020

Chapter 11 business bankruptcy filings increased 26% in the first half of this year as more companies sought protection from creditors during the coronavirus pandemic, according to legal-services firm Epiq Systems Inc.

U.S. courts recorded a total of 3,604 businesses filing for chapter 11 protection in the first six months of 2020, up from 2,855 in the first half of 2019, Epiq said based on data from its Aacer business unit. Commercial chapter 11 filings were up 43% last month from June of last year.

“In challenging economic environments, companies attempt to file at the right time to capture the best outcomes at the end of the lengthy process,” said Deirdre O’Connor, managing director for Epiq Corporate Restructuring.

There have been more than 500 chapter 11 filings under new bankruptcy rules in place since late February, designed to help small businesses move through the process more quickly and lower paperwork costs.

A bigger rise in bankruptcies is likely to be seen in the coming months as federal Paycheck Protection Program funds and other assistance programs run out for small and midsize businesses, said Rachael Smiley, a bankruptcy lawyer at Dallas-based law firm Ross & Smith PC.

“We may be on borrowed time for job cuts in a number of industries…that were not necessarily distressed when we entered the pandemic,” Ms. Smiley said.

A number of prominent companies filed for bankruptcy in the first half of 2020, including department-store chain J.C. Penney Co., hospital operator Quorum Health Corp., home-goods retailer Pier 1 Imports Inc., telecommunications company Frontier Communications Corp. and CEC Entertainment Inc., the parent company of Chuck E. Cheese.

Overall, for the first half of 2020, bankruptcy filings across all chapters totaled about 298,000, down 23% from a year earlier.

“The market is anticipating a wave of new filings related to the high unemployment rate,” said Chris Kruse, senior vice president at Epiq Aacer. “However, we expect to see overall filings continue to trend down until the government programs that inject liquidity into the economy for companies and individuals come to an end.”

Despite the rise in chapter 11 filings, job cuts announced due to bankruptcies in the first half of 2020 were down from the year-earlier six months.

“Job cuts do not immediately follow a bankruptcy filing, so it’s likely in the months ahead, the filings from the first half of the year will result in cuts,” said Andrew Challenger, senior vice president of global outplacement firm Challenger, Gray & Christmas Inc.

So far this year, U.S.-based employers have announced nearly 9,600 job cuts, according to Challenger, Gray & Christmas. That is significantly lower than the nearly 41,200 job cuts due to bankruptcies from January through June 2019.

This year’s bankruptcy-related job cuts were led by retail, the services sector and the entertainment and leisure industry. The majority of the bankruptcy-related layoffs for all of 2019 were in retail.

Last year was particularly severe for bankruptcy job losses. The number hit more than 62,000 in 2019, the highest level since 2005.

“How many job cuts result from bankruptcy depends on the type of companies filing for bankruptcy,” said Jonathan Carson, chief executive of Stretto, a bankruptcy and technology services firm. “Some companies that file chapter 11, with the intention of reorganizing their business, by and large can happen in a way that involves very few job cuts. But…a retailer that files bankruptcy and closes 150 locations can lead to a lot of job cuts.”

Updated: 9-29-2020

U.S. Retail Bankruptcies, Store Closures Hit Record In First Half

Through June, 18 retailers have filed for chapter 11, according to BDO USA, mostly those selling apparel, footwear and home furnishings.

Retail bankruptcies, liquidations and store closings in the U.S. reached records in the first half of 2020 as the Covid-19 pandemic accelerated industry changes, particularly the shift to online shopping, according to a report on the downturn’s severity.

This year’s collapse in American retail is on pace to rival 2010, when 48 retailers filed for bankruptcy in the wake of the 2007-09 recession, according to the report by professional-services firm BDO USA LLP. Including filings through mid-August, BDO said 29 retailers have sought bankruptcy protection in 2020, surpassing the 22 such filings recorded last year.

Temporary government-mandated store closures and social-distancing measures have intensified challenges that bricks-and-mortar retailers had faced before the pandemic, according to BDO. Consumers stuck at home are buying more online than ever, with rising internet sales expected to partially offset losses from physical stores, the report said.

That trend has put more pressure on bricks-and-mortar locations, compounded by excessive debt, store saturation, high unemployment and changing shopper behaviors. In particular, demand has cratered for business attire and outfits for social occasions—weddings, graduations and other milestones.

“This is almost certainly the worst year in recent history for retail,” said Kyle Sturgeon, a managing partner at Atlanta-based turnaround advisory firm Meru LLC.

This year is on pace to rival the 48 total bankruptcy filings by retailers in 2010, following the 2007-09 recession. Retail bankruptcies in 2020 have already surpassed the 22 total filings in 2019.

In the first six months, 18 retailers filed for chapter 11 protection, mostly concentrated in apparel and footwear, home furnishings, grocery and department stores, BDO said. They include department-store operators Neiman Marcus Group Ltd., J.C. Penney Co. and Stage Stores Inc., home-goods retailers Pier 1 Imports Inc. and Tuesday Morning Corp. and vitamin seller GNC Holdings Inc.

“The trend is still a lot of liquidations and asset sales, and some of them are still trying to reorganize and emerge,” said David Berliner, a partner in the firm’s business restructuring and turnaround services practice.

From July through mid-August, 11 more retailers filed, including apparel retailers Lucky Brand Dungarees LLC, Brooks Brothers Inc., Ann Taylor parent Ascena Retail Group Inc., Stein Mart Inc. and Tailored Brands Inc., the parent of Men’s Wearhouse and Jos. A. Bank.

“I don’t think it’s going to stop anytime soon,” said Andy Graiser, co-president of commercial real-estate advisory firm A&G Real Estate Partners, who advises Tailored Brands, Ascena, Neiman Marcus and Stein Mart, among others.

Before the pandemic, department-store chains such as Lord & Taylor, J.C. Penney and Neiman Marcus were already struggling as shoppers bought more online, defected to startups and shifted their preferences to small specialty stores.

Men’s Wearhouse and Jos. A. Bank parent Tailored Brands, which filed for bankruptcy in August, partly blamed its struggles on missteps such as underinvesting in casual clothes and e-commerce. J.Crew also signaled that it was unable to overcome the shifts to fast fashion and online shopping.

Discount home-goods retailer Tuesday Morning, which filed for bankruptcy in May, was hurt by its lack of e-commerce presence as more shopping shifted online.

Upscale retailer Neiman Marcus filed for chapter 11 in May. “We had a business that was on track prior to Covid-19,” Chief Executive Geoffroy van Raemdonck said at the time. “Everything was going well in our transformation, but we had massive interest payments. Covid threw everything off track. This is an opportunity to reset our financial structure.”

High rates of bricks-and-mortar store closures are expected to continue, BDO said. From January through mid-August, retailers had announced they would close more than 10,000 stores in the U.S., including locations of solvent companies such as Macy’s Inc., Bed Bath & Beyond Inc. and Gap Inc.

That has already topped last year’s record 9,500 store closures. Many of the closings through mid-August 2020 were due to retail bankruptcies, which accounted for nearly 6,000 closures.

Retailers have said so far this year that they plan to close over 130 million square feet of store space in the U.S. Of that total, more than half belongs to five retailers: Penney, Macy’s, Stein Mart, Bed Bath & Beyond and Pier 1 Imports, according to real-estate data firm CoStar Group Inc.

Retailers are likely to decide to close as many as 25,000 U.S. stores in 2020, according to global market-research firm Coresight Research.

Many of the stores going dark are anchors and other tenants in shopping malls. Real-estate research firm Green Street Advisors LLC has forecast that more than half of all mall-based department stores in the U.S. will close by the end of 2021.

Landlords including mall owners Simon Property Group Inc. and Brookfield Property Partners LP have been stepping up, buying troubled tenants like J.C. Penney out of chapter 11, their third acquisition in four years of a bankrupt tenant.

More retailers are expected to seek bankruptcy protection in the second half of the year, though the pace could slow in the fourth quarter as some hold off until early next year in hopes of a profitable holiday season.

“If the holidays don’t go as planned, there’s going to be some real cash flow and income hits to these retailers,” said Mr. Berliner, who has advised on the bankruptcies of Tuesday Morning and Lord & Taylor. “For some of these, still distressed retailers with a lot of debt, may be their last straw.”

Some companies that have waited too long to file for bankruptcy might simply liquidate if they keep burning cash and don’t have enough money to fund a restructuring through the courts.

“That’s not the norm and I think we’re gonna see a lot more of those,” said Mr. Graiser, pointing to Stein Mart and off-price retailer Century 21 Department Stores LLC, which filed for bankruptcy in August and September, respectively, and are liquidating their assets.

Shaky companies that make it through the holiday season might survive only to encounter landlords that had agreed to rent deferrals but now want payment in full. The added pressure might force more retailers to close stores and file for bankruptcy, Mr. Graiser said.

“That’s a huge bubble that is going to burst for a lot of retailers with the inability to pay that back,” he added.

Updated: 12-03-2020

November Bankruptcies Hit 14-Year Low With Steep Drop In Personal Filings

While corporate bankruptcy filings ticked up for the month, personal filings declined amid a continued government ban on home evictions.

November bankruptcy filings in the U.S. hit a 14-year low, driven by a decline in individuals filing for protection from creditors as they continue to enjoy the benefits of eviction moratoriums and other government assistance stemming from the coronavirus pandemic.

Total bankruptcy filings amounted to 34,440 for the month, the lowest monthly total since January 2006, according to data from legal-services provider Epiq Systems Inc.

The data, however, showed a large divergence between commercial and personal filings.

Commercial chapter 11 filings for November were up 40%, with 654 new cases compared with 449 over the same period in 2019, according to Epiq.

On the other hand, noncommercial chapter 13 filings, which enable individuals to restructure their debt, amounted to 137,764 filings year-to-date by the end of November, down 45% over the same period in 2019 according to Epiq. Noncommercial chapter 7 filings, which enable individuals to liquidate their assets so as to escape their debt burden, declined by 21% over the same period.

“As the country continues to battle a surging coronavirus pandemic, liquidity in the form of government programs and state eviction moratoriums continue to delay new personal filings,” said Chris Kruse, senior vice president of Aacer, an Epiq business unit that compiles bankruptcy data.

One factor for the decrease in personal filings is the uncertainty about the state of the economic recovery. Even though markets have been buoyed recently by positive developments regarding Covid-19 vaccines, many individual borrowers are still unsure about their near-term financial prospects, leading them to delay making a major personal decision such as filing for bankruptcy under chapters 7 or 13, according to Deirdre O’Connor, managing director of corporate restructuring at Epiq.

“These historic-low bankruptcy filings reflect the overall uncertainty about our economic recovery,” Ms. O’Connor said. “Bankruptcy is a legal tool to restructure, but in this unknown financial environment the benefit from seeking bankruptcy protection is unclear for individuals, families and even large companies.”

One reason why corporate filings have increased recently while personal filings have gone in the opposite direction is that companies often file for bankruptcy for strategic reasons, to facilitate a merger or buyout for example. Individuals, on the other hand, don’t file for bankruptcy for these reasons, Ms. O’Connor said.

Ed Flynn, a consultant at the American Bankruptcy Institute, recently wrote in a report that chapter 13 filings have fallen by about 56% since the start of the pandemic. In particular, there are fewer homeowners filing for bankruptcy protection, which may be a result of state and federal moratoriums on foreclosures, he said.

The Federal Housing Finance Agency on Wednesday extended the moratorium on single-family foreclosures and evictions until at least Jan. 31.

Also, a bipartisan group of leaders from both houses of Congress recently submitted a roughly $900 billion proposal for an extension of coronavirus relief measures.

Updated: 12-04-2020

Guitar Center Creditors Push Back On Music Retailer’s Bankruptcy

Some creditors of Guitar Center Inc. have organized with the intent to vote against the retailer’s bankruptcy plan ahead of a critical deadline next week, according to people with knowledge of the matter.

Certain first-lien noteholders have signed a cooperation agreement and are raising questions about the legitimacy of a previous Guitar Center refinancing, the people said, asking not to be identified discussing a private matter. Their concerns center on new super-senior notes previously offered by Guitar Center to pay off existing obligations and avert a default by the largest U.S. retailer of music instruments and equipment.

The deal gave the new notes priority on certain collateral that was already pledged to existing first-lien notes, the people said.

The dissident holders are evaluating whether the new pledge was allowed under existing debt documents, arguing that Guitar Center needed consent from each first-lien noteholder, rather than the simple majority that approved the transaction. They also object to being left out of participating in the new notes and the retailer’s bankruptcy loan.

The creditor group represents about 20% of Guitar Center’s first-lien notes outstanding, the people said. They’re pushing back on a restructuring plan that was already supported by holders of more than 70% of the notes, according to Guitar Center’s disclosures.

Deadline Approaches

Creditors have until Dec. 10 to comply with or object to the plan, and a hearing is scheduled for Dec. 17. A judge will ultimately decide if the objections are substantial enough to upend the existing bankruptcy plan.

A representative for Westlake Village, California-based Guitar Center declined to comment.

Guitar Center filed for bankruptcy in November after the coronavirus pandemic kept customers at home and job losses made them less able to afford new gear. It listed about 300 stores across the U.S., and sister brands include Music & Arts, with more than 200 stores specializing in band and orchestral instruments for sale and rent.

The creditor group, represented by law firm Akin Gump Strauss Hauer & Feld, includes HPS Investment Partners, 400 Capital Management, LMR Partners, HG Vora Capital Management, Three Court and Tresidor Investment Management, the people said. Representatives for Akin and the various investment firms either declined to comment or didn’t immediately provide comment.

Discussions with Guitar Center and other creditor groups are ongoing, and the dissenters could shift to supporting the plan pending the outcome of negotiations, the people said. A separate group of first-lien noteholders is represented by law firm Stroock & Stroock & Lavan.

Fresh Funds

The company’s restructuring support agreement calls for new financing backed by existing creditors, plus $165 million in new equity from owner Ares Management Corp., as well as Carlyle Group Inc. and Brigade Capital Management.

Guitar Center also negotiated a $375 million debtor-in-possession loan provided by certain existing noteholders and lenders, court records show. Plans call for $335 million in new senior secured notes arranged by investment bank UBS Group AG.

At Guitar Center’s first hearing in front of U.S. Bankruptcy Judge Kevin Huennekens, Philip Dublin of Akin Gump told the judge certain noteholders he represented were likely to raise concerns with the plan and were excluded from participating in the new super-priority notes or debtor-in-possession loans.

The case is Guitar Center Inc., 20-34656, U.S. Bankruptcy Court, Eastern District of Virginia.

Updated: 12-22-2020

U.S. Bankruptcy Tracker: Virus Sparks Worst December Since 2011

This month has seen 16 large companies file for bankruptcy protection in the U.S., the most of any December since 2011, according to Bloomberg data.

The 44 bankruptcies by companies with over $50 million since Oct. 1 make the fourth quarter of 2020 the worst for that period since 2009.

Several of the companies that filed for Chapter 11 protection in December cited the Covid-19 pandemic as a factor in their distress. Two different coal companies, a Brooklyn hotel, a California gym chain and an offshore driller said the virus was at least part of the reason for their filings.

Experts have said the pain will continue next year. Real estate could be a specific area that comes under pressure, said Cynthia Romano, global director of CohnReznick LLP’s restructuring and dispute resolution practice.

‘Next Domino’

“Real estate companies are not going to be able to stomach rent abatement for another 12 months,” she said in an interview.

“Real estate will be the next domino to fall unless there’s some kind of relief.”

The past year would have been even worse if lenders hadn’t rushed to the rescue, bailing out companies that were pushed toward restructuring by pandemic shutdowns, said Jon Goulding, a managing director in Alvarez & Marsal Inc.’s restructuring practice.

“The capital markets have been wide open to help folks get to the other side,” he said.

Those huge debt balances could also sandbag President-elect Joe Biden’s plans to rebuild the economy, with the billions of dollars that U.S. companies borrowed to survive the pandemic potentially putting a chill on investment and hiring.
Debt Decrease

There have been 243 bankruptcy filings year-to-date by companies with more than $50 million in liabilities, according to data compiled by Bloomberg. That’s the most since 2009, when there were 290 in the comparable period.

The total amount of traded distressed bonds and loans shrank by 3.4% to about $168 billion as of Dec. 18. Troubled bonds and loans declined 3.1% and 4.1%, respectively, in that period.

There were 377 distressed bonds from 199 issuers trading as of Monday, down from 412 and 204, respectively, the previous week. That’s significantly less than the 1,896 deals from 892 companies at the March 23 peak.

Transocean Ltd. had the most distressed debt of issuers that hadn’t filed for bankruptcy as of Dec. 18, Bloomberg data show.

Several distressed companies have significant dates approaching. GTT’s extended forbearance nears its end, while Iconix, AMC and Sequential Brands have payments in the coming weeks.

Updated: 12-31-2020

Company Industry Bankruptcy Date Assets

Hertz	Travel, Lodging and Leisure	May 22	25.8B
Latam Airlines	Travel, Lodging and Leisure	May 25	21.1B
Frontier Communications	Telecoms, Media and Technology	April 14	17.4B
Chesapeake Energy	Energy	June 28	16.2B
Ascena Retail	Retail and Restaurants	July 23	13.7B
Valaris	Energy	August 19	13.0B
Mallinckrodt	Health and Personal Care	October 12	9.6B
J.C. Penney	Retail and Restaurants	May 15	8.6B
Whiting Petroleum	Energy	April 1	7.6B
Avianca Holdings	Travel, Lodging and Leisure	May 10	7.3B
Noble Corp.	Energy	July 31	7.3B
Diamond Offshore Drilling	Energy	April 26	5.8B
Denbury Resources	Energy	July 30	4.6B
Seadrill Partners	Energy	December 1	4.6B
California Resources	Energy	July 15	4.1B
Hornbeck Offshore Services	Energy	May 19	2.7B
Covia Holdings	Industrials, Materials, Equipment and Parts	June 29	2.5B
Tailored Brands	Retail and Restaurants	August 2	2.5B
Gulfport Energy	Energy	November 13	2.4B
Pennsylvania Real Estate Investment Trust	Retail and Restaurants	November 1	2.4B
Pacific Drilling	Energy	October 31	2.2B
Unit	Energy	May 22	2.1B
Garrett Motion	Industrials, Materials, Equipment and Parts	September 20	2.1B
Centric Brands	Retail and Restaurants	May 18	1.9B
CEC Entertainment	Retail and Restaurants	June 24	1.7B
LSC Communications	Other	April 13	1.6B
Briggs & Stratton	Industrials, Materials, Equipment and Parts	July 20	1.6B
Ultra Petroleum	Energy	May 14	1.3B
Pyxus International	Other	June 15	1.0B
RGN-Group Holdings	Other	August 17	1.0B
Superior Energy	Energy	December 7	1.0B
Guitar Center	Retail and Restaurants	November 21	1.0B
CBL Properties	Retail and Restaurants	November 2	1.0B
Oasis Petroleum	Energy	September 30	1.0B
iQor	Other	September 10	1.0B
Fieldwood Energy	Energy	August 3	1.0B
WorldStrides	Travel, Lodging and Leisure	July 20	1.0B
Bruin E&P Partners	Energy	July 16	1.0B
NPC International	Retail and Restaurants	July 1	1.0B
Grupo Aeromexico	Travel, Lodging and Leisure	June 30	1.0B
Grupo Famsa	Retail and Restaurants	June 26	1.0B
Sable Permian Resources	Energy	June 25	1.0B
Chisholm Oil & Gas	Energy	June 17	1.0B
24 Hour Fitness Worldwide	Travel, Lodging and Leisure	June 15	1.0B
Extraction Oil & Gas	Energy	June 14	1.0B
Gavilan Resources	Energy	May 15	1.0B
Neiman Marcus	Retail and Restaurants	May 7	1.0B
J Crew	Retail and Restaurants	May 4	1.0B
OneWeb Holdings	Telecoms, Media and Technology	March 27	1.0B
Foresight Energy	Energy	March 10	1.0B
Hi-Crush	Energy	July 12	953.1M
GNC Holdings	Retail and Restaurants	June 23	895.0M
Rosehill Resources	Energy	July 26	872.5M
Stein Mart	Retail and Restaurants	August 12	757.5M
Shiloh Industries	Industrials, Materials, Equipment and Parts	August 30	664.2M
Global Eagle Entertainment	Telecoms, Media and Technology	July 22	630.5M
Chaparral Energy	Energy	August 16	595.2M
Lonestar Resources	Energy	September 30	560.0M
FTS International	Energy	September 22	517.2M
Bouchard Transportation	Energy	September 28	500.0M
Town Sports	Travel, Lodging and Leisure	September 14	500.0M
TNT Crane & Rigging	Industrials, Materials, Equipment and Parts	August 23	500.0M
Mood Media	Other	July 30	500.0M
BJ Services	Energy	July 20	500.0M
Brooks Brothers	Retail and Restaurants	July 8	500.0M
Exide Technologies	Industrials, Materials, Equipment and Parts	May 19	500.0M
Stage Stores	Retail and Restaurants	May 10	500.0M
SpeedCast International	Telecoms, Media and Technology	April 23	500.0M
American Addiction Centers	Health and Personal Care	June 20	449.3M
Jason Industries	Industrials, Materials, Equipment and Parts	June 24	428.4M
New York & Co.	Retail and Restaurants	July 13	405.4M
Endologix	Health and Personal Care	July 5	279.6M
Lilis Energy	Energy	June 28	258.6M
VIVUS	Health and Personal Care	July 7	213.9M
IMH Financial	Other	July 23	122.0M
Provision CARES Proton Therapy	Health and Personal Care	December 15	105.6M
Lighthouse Resources	Energy	December 3	100.0M
White Stallion Energy	Energy	December 2	100.0M
Northwest Hardwoods	Industrials, Materials, Equipment and Parts	November 23	100.0M
LRGHealthcare	Health and Personal Care	October 19	100.0M
Utex Industries	Energy	October 8	100.0M
Ruby Tuesday	Retail and Restaurants	October 7	100.0M
Roman Catholic Diocese of Rockville Centre	Other	September 30	100.0M
Herald Hotel Associates	Travel, Lodging and Leisure	September 22	100.0M
Century 21	Retail and Restaurants	September 10	100.0M
Ursa Resources	Energy	September 2	100.0M
Hermitage Offshore Services	Energy	August 11	100.0M
Benevis	Health and Personal Care	August 2	100.0M
Lord & Taylor	Retail and Restaurants	August 2	100.0M
California Pizza Kitchen	Retail and Restaurants	July 29	100.0M
Engineered Propulsion Systems	Industrials, Materials, Equipment and Parts	July 29	100.0M
Sur La Table	Retail and Restaurants	July 8	100.0M
Lucky Brand Dungarees	Retail and Restaurants	July 3	100.0M
Proteus Digital Health	Telecoms, Media and Technology	June 15	100.0M
Vista Proppants and Logistics	Energy	June 9	100.0M
APC Automotive Technologies	Industrials, Materials, Equipment and Parts	June 3	100.0M
Libbey	Retail and Restaurants	June 1	100.0M
Templar Energy	Energy	June 1	100.0M
Le Pain Quotidien (U.S. subsidiary)	Retail and Restaurants	May 27	100.0M
Advantage Holdings	Travel, Lodging and Leisure	May 26	100.0M
Techniplas	Industrials, Materials, Equipment and Parts	May 6	100.0M
The Roman Catholic Church for the Archdiocese of New Orleans	Other	May 1	100.0M
Klausner Lumber One	Industrials, Materials, Equipment and Parts	April 30	100.0M
Rubie’s Costume	Retail and Restaurants	April 30	100.0M
Cinemex Holdings USA	Entertainment	April 25	100.0M
Longview Intermediate Holdings	Energy	April 14	100.0M
True Religion Apparel	Retail and Restaurants	April 13	100.0M
Pace Industries	Industrials, Materials, Equipment and Parts	April 12	100.0M
Ravn Air	Travel, Lodging and Leisure	April 5	100.0M
Art Van Furniture	Retail and Restaurants	April 3	100.0M
Tuesday Morning	Retail and Restaurants	May 27	92.0M
Pyrolyx USA Indiana	Industrials, Materials, Equipment and Parts	October 28	61.0M
Renovate America	Other	December 21	50.0M
Tillary Hotel	Travel, Lodging and Leisure	December 18	50.0M
In-Shape Health Clubs	Travel, Lodging and Leisure	December 15	50.0M
YouFit Health Clubs	Travel, Lodging and Leisure	November 9	50.0M
Cred	Other	November 7	50.0M
Henry Ford Village	Health and Personal Care	October 28	50.0M
Rubio’s Restaurants	Retail and Restaurants	October 26	50.0M
Studio Movie Grill	Travel, Lodging and Leisure	October 23	50.0M
MD America	Energy	October 12	50.0M
Diocese of Camden	Other	October 1	50.0M
Metronomic Holdings	Other	September 23	50.0M
Bainbridge Uinta	Energy	September 1	50.0M
SAExploration	Energy	August 27	50.0M
Arena Energy	Energy	August 20	50.0M
Il Mulino New York	Retail and Restaurants	July 28	50.0M
Congoleum	Industrials, Materials, Equipment and Parts	July 13	50.0M
Muji USA	Retail and Restaurants	July 10	50.0M
Old Time Pottery	Retail and Restaurants	June 28	50.0M
Garden Fresh Restaurants	Retail and Restaurants	May 14	50.0M
Midtown Campus Properties	Other	May 8	50.0M
Gold’s Gym International	Travel, Lodging and Leisure	May 4	50.0M
Toojay’s Management	Retail and Restaurants	April 29	50.0M
Apex Parks Group	Entertainment	April 8	50.0M
K&W Cafeterias	Retail and Restaurants	September 2	30.1M
Punch Bowl Social	Retail and Restaurants	December 21	10.0M
By Chloe	Retail and Restaurants	December 14	10.0M
Airport Van Rental	Travel, Lodging and Leisure	December 11	10.0M
American Medical Depot	Health and Personal Care	December 11	10.0M
Furla USA	Retail and Restaurants	November 6	10.0M
FFO Home	Retail and Restaurants	November 5	10.0M
Good Deed 317	Entertainment	October 29	10.0M
Midway Market Square Elyria	Retail and Restaurants	October 27	10.0M
1769 LLC	Other	October 19	10.0M
Shilo Inn Ocean Shores and Shilo Inn Nampa Suites	Travel, Lodging and Leisure	October 15	10.0M
1069 Restaurant Group	Retail and Restaurants	October 5	10.0M
Eagle Pipe	Energy	October 5	10.0M
Clearpoint Chemicals	Energy	September 29	10.0M
Impresa Aerospace	Industrials, Materials, Equipment and Parts	September 24	10.0M
Golden Hotel	Travel, Lodging and Leisure	September 21	10.0M
Flywheel Sports	Travel, Lodging and Leisure	September 14	10.0M
Mariner Seafood	Other	September 14	10.0M
Maison Kayser USA	Retail and Restaurants	September 10	10.0M
Energy Alloy Holdings	Energy	September 9	10.0M
Las Vegas Monorail	Travel, Lodging and Leisure	September 7	10.0M
Keiv Hospitality	Travel, Lodging and Leisure	September 1	10.0M
Arandell Holdings Inc	Other	August 13	10.0M
Renmora Petroleum	Energy	August 12	10.0M
Global Keg	Retail and Restaurants	July 23	10.0M
RE Palm Springs II	Travel, Lodging and Leisure	July 22	10.0M
Patriot Well Solutions	Energy	July 21	10.0M
Serendipity Labs	Other	July 15	10.0M
The Paper Store	Retail and Restaurants	July 14	10.0M
Apex Linen Service	Travel, Lodging and Leisure	July 6	10.0M
Luxury Dining Group	Retail and Restaurants	July 3	10.0M
Premiere Jewellery	Retail and Restaurants	June 25	10.0M
Juniper Specialty Products	Energy	June 19	10.0M
Petersen-Dean	Industrials, Materials, Equipment and Parts	June 11	10.0M
Klausner Lumber Two	Industrials, Materials, Equipment and Parts	June 10	10.0M
Vision Group Holdings	Health and Personal Care	May 29	10.0M
Sustainable Restaurant Group	Retail and Restaurants	May 12	10.0M
CFRA Holdings	Retail and Restaurants	May 6	10.0M
Galileo Learning	Other	May 6	10.0M
John Varvatos Enterprises	Retail and Restaurants	May 6	10.0M
Diamondback Industries	Energy	April 21	10.0M
Yuma Energy	Energy	April 15	10.0M
Alpha Entertainment (XFL)	Entertainment	April 13	10.0M
FoodFirst Restaurants	Retail and Restaurants	April 10	10.0M
138 QB Acquisition	Other	April 6	10.0M
402-420 Metropolitan Ave	Other	April 1	10.0M
Alaska Urological Institute	Health and Personal Care	March 25	10.0M
Alamo Drafthouse franchisee (Phoenix area)	Entertainment	May 13	5.8M
Jacobson Hotels Inc.	Travel, Lodging and Leisure	August 4	5.8M
Traxium	Other	October 16	4.4M
UNOde50	Retail and Restaurants	August 19	4.3M
WP Realty Acquisition III	Other	September 11	4.1M
Blessings	Retail and Restaurants	September 24	3.9M
Kim Dolleh Center	Other	May 4	3.9M
Valley Farm Supply	Industrials, Materials, Equipment and Parts	September 2	3.7M
Owatonna Hospitality	Travel, Lodging and Leisure	July 14	3.7M
Tea Station Investments	Retail and Restaurants	July 1	3.1M
Lou Lou Boutiques	Retail and Restaurants	September 24	3.0M
Max’s South Seas Hideaway	Retail and Restaurants	October 29	2.5M
Twisted Root Burger (Mansfield)	Retail and Restaurants	June 17	2.4M
Legacy Global Sports	Entertainment	May 20	2.1M
Sugar Factory Ocean Drive	Retail and Restaurants	July 22	2.0M
Jaguar Distribution Corp.	Entertainment	July 31	1.8M
Little Minds 1st Academy	Other	November 2	1.8M
Murphy Shipping & Commercial Services	Energy	August 12	1.6M
Altitude Trampoline Park	Entertainment	September 4	1.4M
Lorenz Corp.	Entertainment	August 19	1.4M
Miller Tool & Die	Industrials, Materials, Equipment and Parts	December 21	1.0M
Everest Hotel Group	Travel, Lodging and Leisure	December 1	1.0M
Friendly’s Restaurants	Retail and Restaurants	November 1	1.0M
Whoa Networks	Other	October 29	1.0M
Park Avenue Leather Goods	Retail and Restaurants	October 22	1.0M
SmarTours	Travel, Lodging and Leisure	October 19	1.0M
Cyc Fitness Partners	Travel, Lodging and Leisure	October 14	1.0M
Wisconsin Apple	Retail and Restaurants	October 14	1.0M
YogaWorks	Travel, Lodging and Leisure	October 14	1.0M
Coto Investments	Travel, Lodging and Leisure	October 13	1.0M
Krieger Craftsmen	Industrials, Materials, Equipment and Parts	October 11	1.0M
Diamond Coach Leasing	Travel, Lodging and Leisure	October 9	1.0M
First to the Finish	Retail and Restaurants	October 7	1.0M
Integrated Dental Systems	Health and Personal Care	October 7	1.0M
Figueroa Mountain Brewing Co.	Retail and Restaurants	October 5	1.0M
U.S. Real Estate Equity Builder	Other	October 2	1.0M
Grimmett Brothers	Energy	September 25	1.0M
ProSource of Denver	Industrials, Materials, Equipment and Parts	September 25	1.0M
It’Sugar	Retail and Restaurants	September 22	1.0M
Da Vinci’s	Entertainment	September 21	1.0M
Sizzler USA	Retail and Restaurants	September 21	1.0M
Energy Fishing & Rental Services	Energy	September 18	1.0M
Wira Hotels 3	Travel, Lodging and Leisure	September 18	1.0M
Townhouse Hotel	Travel, Lodging and Leisure	September 16	1.0M
Charm Hospitality	Travel, Lodging and Leisure	September 15	1.0M
USF Collections	Retail and Restaurants	September 8	1.0M
Blue Star Donuts	Retail and Restaurants	August 26	1.0M
Travel With Sears	Travel, Lodging and Leisure	August 21	1.0M
Retail Solutions	Retail and Restaurants	August 20	1.0M
The American Road Machinery Company	Industrials, Materials, Equipment and Parts	August 20	1.0M
Kinser Group	Travel, Lodging and Leisure	August 14	1.0M
Saxon Shoes	Retail and Restaurants	August 14	1.0M
Sandbox VR	Travel, Lodging and Leisure	August 13	1.0M
Garbanzo Mediterranean Grill	Retail and Restaurants	August 12	1.0M
Bond Foundry	Other	August 2	1.0M
Desigual USA	Retail and Restaurants	July 22	1.0M
Occasion Brands	Retail and Restaurants	July 22	1.0M
Featherstone Foods	Retail and Restaurants	July 20	1.0M
Live Primary	Other	July 12	1.0M
Sethco	Retail and Restaurants	July 10	1.0M
Days Inn by Wyndham Austin South	Travel, Lodging and Leisure	July 6	1.0M
G-Star Raw Retail	Retail and Restaurants	July 3	1.0M
Feck Properties	Travel, Lodging and Leisure	July 2	1.0M
Surgical Specialists of St. Lucie County	Health and Personal Care	June 28	1.0M
RWDT Foods	Retail and Restaurants	June 24	1.0M
Upgrade Labs	Health and Personal Care	June 16	1.0M
RM Bakery	Retail and Restaurants	June 15	1.0M
Maines Paper & Food Service	Other	June 10	1.0M
Barfly Ventures	Retail and Restaurants	June 3	1.0M
John Barrett	Health and Personal Care	May 29	1.0M
Foxtrot United	Other	May 12	1.0M
Freedom Oil & Gas	Energy	May 11	1.0M
Parking Management	Other	May 7	1.0M
J Hilburn	Retail and Restaurants	April 30	1.0M
Superior Air Charter	Travel, Lodging and Leisure	April 28	1.0M
CPES Novelles	Health and Personal Care	April 27	1.0M
Wave Computing	Telecoms, Media and Technology	April 27	1.0M
Creative Hairdressers	Health and Personal Care	April 23	1.0M
Hologenix	Industrials, Materials, Equipment and Parts	April 22	1.0M
United Cannabis	Health and Personal Care	April 20	1.0M
USA Rugby	Other	March 31	1.0M
Miami Air International	Travel, Lodging and Leisure	March 24	1.0M
Scotts Hook & Cleaver	Other	August 25	0.9M
GeckoParx	Entertainment	August 20	0.9M
International Orange Spa	Health and Personal Care	October 11	0.8M
LIP Inc.	Retail and Restaurants	July 7	0.6M
Declaration Brewing	Retail and Restaurants	June 26	0.5M
Shotgun Willie’s	Entertainment	November 18	0.5M
World of Dance	Travel, Lodging and Leisure	October 23	0.5M
Brooklyn Roasting Works	Retail and Restaurants	October 21	0.5M
Valhalla Esports Lounge	Retail and Restaurants	October 14	0.5M
Knighthouse Media	Other	October 2	0.5M
Creekside Cancer Care	Health and Personal Care	September 17	0.5M
Los Angeles School of Gymnastics	Travel, Lodging and Leisure	September 8	0.5M
Owens Home Furnishings	Retail and Restaurants	August 27	0.5M
Orange Blossom Catering	Retail and Restaurants	August 14	0.5M
Medical Associates of Mt. Vernon	Health and Personal Care	July 10	0.5M
Twisted Root Burger (Richardson)	Retail and Restaurants	July 6	0.5M
Deluxe Taxicab Service	Travel, Lodging and Leisure	June 25	0.5M
KLJ Orchard Venues	Retail and Restaurants	June 18	0.5M
Sugarloaf Craft Festivals	Retail and Restaurants	June 15	0.5M
Twisted Root Burger (Coppell)	Retail and Restaurants	June 8	0.5M
Woods Sealing & Striping	Industrials, Materials, Equipment and Parts	March 26	0.5M
Semblance Medspa	Health and Personal Care	August 19	0.5M
Jason’s Deli of Colorado	Retail and Restaurants	August 31	0.4M
Moustache Brewing	Retail and Restaurants	July 21	0.4M
Hubbards Cabins	Other	September 4	0.4M
Fingerlakes Hospitality Group	Travel, Lodging and Leisure	July 15	0.3M
Yacht Club Vacation Owners Association	Travel, Lodging and Leisure	August 31	0.3M
Awesome Flight	Travel, Lodging and Leisure	December 2	100.0K
Hurdl	Entertainment	November 30	100.0K
Peach Global Brands	Retail and Restaurants	October 24	100.0K
MPR Summers	Travel, Lodging and Leisure	October 20	100.0K
Ed’s Beans	Retail and Restaurants	October 19	100.0K
Street Level	Other	October 19	100.0K
Yang’s Fitness & Training Center	Travel, Lodging and Leisure	October 19	100.0K
Natty Greene’s Brewing Co.	Retail and Restaurants	October 18	100.0K
Virginia-Highland Restaurant LLC	Retail and Restaurants	October 13	100.0K
Healing Home Yoga	Travel, Lodging and Leisure	September 21	100.0K
Kids First Swim Schools	Other	September 3	100.0K
Haute Coffee	Retail and Restaurants	August 30	100.0K
Galiciapoke	Retail and Restaurants	August 3	100.0K
A La Turka Restaurant	Retail and Restaurants	July 15	100.0K
Field of Flowers	Retail and Restaurants	July 7	100.0K
Black Bottle Brewery	Retail and Restaurants	June 30	100.0K
Bounce For Fun	Entertainment	June 17	100.0K
Players Network	Entertainment	June 17	100.0K
Twisted Root Burger (Arlington)	Retail and Restaurants	June 8	100.0K
Twisted Root Burger (Carrollton)	Retail and Restaurants	June 8	100.0K
Latino Kids Health	Health and Personal Care	May 29	100.0K
Schreiner’s Fine Sausages	Retail and Restaurants	May 26	100.0K
Rudy’s Barbershop	Health and Personal Care	April 2	100.0K
Walker Service	Other	March 27	100.0K
Gilman’s Cleaners	Other	July 27	80.0K
Black Sea Fish and Grill	Retail and Restaurants	December 16	50.0K
Snap Kitchen	Other	December 4	50.0K
Francesca’s	Retail and Restaurants	December 3	50.0K
Savepoint Tavern	Retail and Restaurants	November 19	50.0K
Don Beto’s Tacos	Retail and Restaurants	November 17	50.0K
d’Mai Urban Spa	Health and Personal Care	November 9	50.0K
Go Ground	Travel, Lodging and Leisure	November 3	50.0K
El Churry Plaza	Retail and Restaurants	October 30	50.0K
Shadowbox	Travel, Lodging and Leisure	October 26	50.0K
Sun Steaks	Retail and Restaurants	October 16	50.0K
Stop & Go Airport Shuttle Service	Travel, Lodging and Leisure	September 29	50.0K
TM Healthcare Holdings	Health and Personal Care	September 17	50.0K
Taco Crush	Retail and Restaurants	September 14	50.0K
Hopsters Brewing Company	Retail and Restaurants	September 3	50.0K
YC’s Mongolian Grill	Retail and Restaurants	August 31	50.0K
Farber Ballet	Entertainment	August 20	50.0K
Ain’t Missbeehaven Products	Retail and Restaurants	August 14	50.0K
Lapeer Industries	Industrials, Materials, Equipment and Parts	August 5	50.0K
ABA Transportation	Other	August 3	50.0K
Matchbox Food Group	Retail and Restaurants	August 3	50.0K
DUFL	Travel, Lodging and Leisure	July 22	50.0K
Lladro Galleries	Retail and Restaurants	July 14	50.0K
Online King	Retail and Restaurants	July 10	50.0K
Place Pigalle Restaurant	Retail and Restaurants	July 10	50.0K
The Pub McKinney	Retail and Restaurants	July 3	50.0K
Bulls Head Diner	Retail and Restaurants	July 2	50.0K
Northern Bear	Retail and Restaurants	June 8	50.0K
Specialty’s Cafe & Bakery	Retail and Restaurants	May 27	50.0K
CRT Food & Beverage	Retail and Restaurants	April 28	50.0K
Joffe Emergency Services	Other	March 12	50.0K
New Moon Orlando	Retail and Restaurants	Septe