At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of November 9 – November 13, 2020. The defaults this week were within the Consumer Discretionary and Technology sectors.
Sources: The Detroit News, WSJ, TBT
Gym chain YouFit Health Clubs LLC. filed for Chapter 11 bankruptcy. Youfit joins a growing list of fitness companies that are forced to seek bankruptcy protection due to the pandemic. The company filed for Chapter 11 in the U.S. Bankruptcy Court for District of Delaware, and plans to continue operations throughout bankruptcy proceedings.
Youfits’s total liabilities range around $500 million. The company has a provisional deal to sell itself for $75 million to its lenders. Bank of America is t...