Another two companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of February 1 – February 5, 2021. These filings and defaults caused credit issuers to lower ratings for one of the two companies.
Sources: Bloomberg, S&P
Knotel Inc. is a real estate frim that provides workplace properties for various corporations. Knotel filed for Chapter 11 bankruptcy protection, citing the pandemic as the leading cause. Knotel plans to use this bankruptcy filing as a way to sell its assets and liquidate.
An affiliate of Newmark Group Inc. has already committed to a $70 million stalking horse bid for the company’s assets thus far. This offer sets the floor for further bids for the company. Knotel has accumulated liabilities rangi...