At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of February 15 – February 19, 2021. These filings and defaults caused credit issuers to lower ratings for one of the two companies.
Both companies came by way of the Consumer Discretionary sector.
Sources: S&P, Bloomberg
Glenroy Coachella LLC, which owns the Hotel Indigo development in the city of Coachella, filed for Chapter 11 bankruptcy. The motion comes after a lawsuit filed between business partners Gary Stiffelman and Stuart Rubin. Stiffelman is suing his business partner for $50 million, according to Desert Sun. He claims that Rubin and his son carelessly used up the hotel's project budget.
The resort-style hotel was supposed to b...