At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of January 18 – January 22, 2021. These filings and defaults caused credit issuers to lower ratings for one out of the two companies. The filings and defaults occurred within the Consumer Discretionary and Real Estate sectors.
Sources: S&P, LA Times
January 19
Singapore-based real estate investment trust Eagle Hospitality filed for Chapter 11 bankruptcy. The company has listed 27 entities, including 18 hotels, in the bankruptcy filing. Eagle Hospitality has acquired more than $500 million in liabilities. Eagle Hospitality’s bankruptcy comes as another hit to the already bleeding hotel industry.
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