At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the last week of the year, from December 28, 2020 – January 1, 2021. That week, the Energy and Real Estate sectors each saw one.
Sources: Bloomberg, WSJ
Emerald Equity Group is a real estate firm focused on rental acquisitions. The company has more than 7,000 units across the U.S., including 1,500 buildings in developing Manhattan areas. Emerald Equity filed for Chapter 11 Bankruptcy on a majority of its buildings in New York’s Upper West Side and Upper East Side. Additionally, the company filed for bankruptcy on several Harlem properties.
The bankruptcy filing states that Emerald Equity owes a total of $203 million to LoanCore Capital. This stems from p...