At least five major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of November 2 – November 6, 2020. These filings and defaults caused credit issuers to lower ratings for two of the five companies. The majority of defaults this week were within the Real Estate sector.
Sources: S&P, Moody's, TBT
FIC Restaurants, the company that owns the restaurant chain Friendly’s, filed for Chapter 11 bankruptcy protection. All 130 Friendly's locations will remain open throughout bankruptcy proceedings.
READ MORE: Friendly’s Files for Chapter 11, Restaurants to Remain Open
CBL & Associates Properties Inc. is a real estate investment trust that invests in mainly shopping malls. The company filed for Chapter 11 bankru...