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.”
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.
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.
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.
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.
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.
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.
“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.
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.
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|
|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|
|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|
|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|
|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|
|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|
|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|
|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|
|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|
|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|