Chapter 11 for 31 Public Companies

Over 31 public companies in 20 industries have voluntarily filed for Chapter 11 since the beginning of 2020. Not all have been the result of COVID-19 pandemic, but there are a few that were hard hit due to the economy closing. The effects of a reorganization can have long-lasting consequences for employees. Typically, junior staff are laid off, but senior executives get a safety net.

Case in point, Hertz Global Holdings, which filed for Chapter 11, May 26, 2020. Approximately 10,000 people lost their jobs, but 340 executives, directors and above, received a retention bonus augmented by a severance plan, should events go awry. Hertzs Company Profile (as seen below) illustrates the precipitous drop in the stock price since the stay at homeorder went into effect.

How do we know the numbers? Because Kaleidoscope provides the filings and the quantitative metrics underlying the research.

Volume and activity, a summary of companies, industries and the 8-K items that contain references to the search criteria are all clearly visible.

To find out more about Hertz Global and the 30 other giants such as J Crew, JCPenney, Pier 1 and Loews, register for a free trial at www.kscope.io and follow this link. Under the Filings Tab, all the companies are listed along with the related 8-K items disclosed. Each filing may be reviewed online or download the list with a link to the filing for quicker review and use the Excel spreadsheet for your notes. Or set up alerts for more real-time notifications of Chapter 11 events.

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