May 18, 2020 / 11:20 AM / 3 days ago

FACTBOX-Pandemic, oil crash trigger bankruptcies in corporate America

 (Adds Hertz Global Holdings, Unit Corp)
    May 26 (Reuters) - From luxury fashion labels to oil producers, U.S. companies have faced
insurmountable stress from the COVID-19 pandemic and the crash in oil prices, forcing them to
close stores, borrow heavily to run their businesses and eventually file for bankruptcy
protection.
    Sales at U.S. retailers slumped as they had to close doors following government-mandated
lockdowns, while oil and gas companies faced one of the worst price slumps in decades hit by a
month-long price war between top producers Saudi Arabia and Russia and a coronavirus-induced
tumble in fuel demand.
    Below are some of corporate America's latest casualties from the hit: 
            
 Company name         Filing    Estimated assets and liabilities               USN 
                      date                                                     
 Hertz Global         May 22    Both in the range of $10 bln to $50 bln                     
 Holdings Inc                                                                  
                                                                               
 Unit Corp            May 22    Assets in the range of $10 mln to $50 mln;                
                                Liabilities in the range of $500 mln to $1     
                                bln                                            
 Akorn Inc            May 20    Both in the range of $1 bln to $10 bln                     
 Hornbeck Offshore    May 19    Both in the range of $1 bln to $10 bln                     
 Services Inc                                                                  
 Centric Brands Inc   May 18    Both in range of $1 bln to $10 bln                         
                                                                               
 J.C. Penney Co Inc   May 15    Both in the range of $1 bln to $10 bln                     
                                                                               
 Gavilan Resources    May 15    Assets in the range of $1 bln to $10 bln;                  
 LLC                            Liabilities in the range of $500 mln to $1     
                                bln                                            
 Ultra Petroleum      May 14    Both in range of $1 bln to $10 bln                        
 Corp                                                                          
 Intelsat SA          May 13    Both in range of $10 bln to $50 bln                        
 Stage Stores Inc     May 10    Both in the range of $500 mln to $1 bln                    
                                                                               
 Neiman Marcus Group  May 7     Both in the range of $1 bln to $10 bln                     
 John Varvatos        May 6     Assets in the range of $10 mln to $50 mln;                 
 Enterprises Inc                Liabilities in the range of $100 mln to $500   
                                mln                                            
 J. Crew Group Inc    May 4     Both in the range of $1 bln to $10 bln                     
 Diamond Offshore     April 26  Both in the range of $1 bln to $10 bln                     
 Drilling Inc                                                                  
 Whiting Petroleum    April 1   Both in the range of $1 bln to $10 bln                     
 Corp                                                                          
 OneWeb               March 27  Both in the range of $1 bln to $10 bln                      
 
  Source: Company bankruptcy filings

 (Reporting by Nivedita Balu and Shanti S Nair in Bengaluru; Editing by Sweta Singh, Shailesh
Kuber, Aditya Soni and Anil D'Silva)
  
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