US hit by wave of big ticket bankruptcies in retail and energy sectors
The US is witnessing a wave of bankruptcies of erstwhile storied names especially in the retail and energy sector due to Covid-19 pandemic.
 
The bankruptcies this year due to Covid-19 have already gone past the number and volume seen in 2008, the year of the global Financial Crisis.
 
The biggest bankruptcy has been Hertz, the car rental company. 
 
The bankruptcy list is dominated by sectors like restaurants, construction, real estate, healthcare, oil and gas, retail, transportation, agriculture, banking and financial services and telecom.
 
Major US retailers J.C. Penney, Neiman Marcus, J. Crew, Gold's Gym, True Religion Apparels, among others, have filed for bankruptcy under Chapter 11 (Reorganization Bankruptcy) of the US Bankruptcy Code in the past few months.
 
Analysts expect more bankruptcy filings in industries like retail and the energy sector, which have been hit by lower demand.
 
Chesapeake Energy, a shale oil company, filed for bankruptcy protection on Sunday. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy this year.
 
The other big bankruptcies include Latam Airlines, Frontier Communications, Intelsat, McDermott International, Whiting Petroleum, Avianca Holdings, Diamond Offshore Drilling, Extraction Oil and Gas, Hornbeck Offshore, Foresight Services, Unit Corporation, Chuck E Cheese, Stage Stores, LSC Communications, Quorum Health.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    kvrao42004

    4 days ago

    How Chesapeake Energy can be declared bankrupt when it's liabilities are much lesser than assets ?

    Ramesh Popat

    4 days ago

    tremors in Indian stock market overdue! abundant liquidity
    may not save!

    REPLY

    tillan2k

    In Reply to Ramesh Popat 4 days ago

    before big tremor ther are many small tremors.. Netas are putting lids and covers over them to make then invisible to aam admi

    No, President Trump, Testing Is Not Causing Case Counts to Rise. The Virus Is Just Spreading Faster
    The Trump administration has doubled down on its claims that coronavirus case counts are up because the U.S. has increased testing. However, a closer look at graphs of testing numbers and positive cases shows that this isn’t the case for many states.
     
    President Donald Trump and Vice President Mike Pence have repeatedly attributed the increase in the coronavirus case count in the United States to an increase in testing.
     
    “We’re doing so much testing, so much more than any other country,” Trump said in an interview with CBN News on Monday. “And to be honest with you, when you do more testing, you find more cases. And then they report our cases are through the roof.”
     
    “I would just encourage you all, as we talk about these things, to make sure and continue to explain to your citizens the magnitude of increase in testing,” Pence said on a call with the nation’s governors last week, according to audio obtained by The New York Times. “And that in most of the cases where we are seeing some marginal rise in number, that’s more a result of the extraordinary work you’re doing.”
     
    These assertions are not backed up by the data, a ProPublica analysis shows.
     
    While it is true that there has been a dramatic increase in testing since the start of the coronavirus pandemic, the increase in positive cases in recent weeks cannot be attributed to the rise in testing alone.
     
    After weeks in which coronavirus cases and deaths were slowly declining, the tide has turned. On Wednesday, the United States surpassed its previous record high number of cases, reached in April when the virus was battering the Northeast, according to data gathered from states by The COVID Tracking Project. Hospitalizations are also increasing, though they are far from their peak nationally in April.
     
    “The tip of the iceberg can’t be growing with the iceberg shrinking,” said Dr. Sten Vermund, dean of the Yale School of Public Health. “It violates laws of physics and oceanography.”
     
    A White House spokesman did not return an email seeking comment.
     
    Deaths have not increased, but they are considered a lagging indicator. It takes several days after exposure for someone with COVID-19 to show symptoms and an additional five to seven days, on average, for the illness to be severe enough to require hospitalization. After that, it can take a couple days to a week to progress to intensive care, and a patient can linger there for some time before recovering or dying.
     
    “Just speaking as an epidemiologist, if I saw rising testing, rising case numbers and declining hospitalizations and deaths, I would say that Donald Trump and Vice President Pence are correct,” Vermund said. Conversely, if those measures are rising, “I would say that they are blowing smoke.”
     
    ProPublica looked at changes in the seven-day average of COVID-19 tests performed and the change in the overall number of positive tests in each state from Memorial Day, May 25, to Tuesday. By Memorial Day, most states had reopened and news reports noted that groups were congregating again.
     
    In some states, such as New York, Illinois and Indiana, testing has stayed about the same or increased while the share of positive tests has dropped. Continue Reading…
     
    Courtesy: ProPublica.org
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    COMMENTS

    rajneesh

    5 days ago

    stupid fear-mongering by you. ProPublica is just a propaganda machine

    Ramesh Popat

    5 days ago

    what may be India's figures on aggressive testing?
    v hv not tested 1% yet!?

    An Illustrated History of Government Agencies Twisting the Truth to Align with White House Misinformation
    When President Donald Trump pushes outlandish misinformation, his federal agencies have turned it into official guidance and policy. Some have later had to reverse themselves.
     
    It has become a familiar pattern: President Donald Trump says something that doesn’t line up with the facts held by scientists and other experts at government agencies. Then, instead of pushing back, federal officials scramble to reconcile the fiction with their own public statements.
     
    It happened in March, when Trump pushed his opinion that antimalarial drugs could treat COVID-19. The Centers for Disease Control and Prevention issued an unusual directive that lent credence to the president’s perspective: “Although optimal dosing and duration of hydroxychloroquine for treatment of COVID-19 are unknown, some U.S. clinicians have reported anecdotally” on specific dosages that the CDC then lists. The CDC’s language — which the agency later retracted — shocked experts, who said the drug needed to be treated with caution. The CDC told Reuters the agency had prepared the guidance at the behest of the White House.
     
    Perhaps the best known example of an agency twisting itself into a pretzel stems from “Sharpiegate.” After the National Weather Service’s Birmingham, Alabama, office contradicted Trump’s Sharpie fable that Hurricane Dorian threatened the state, the agency overseeing the office put out a statement backing the president over the scientists. Emails obtained by BuzzFeed and The Washington Post showed just how the episode roiled the agency. “You have no idea how hard I’m fighting to keep politics out of science,” one official wrote. Another email simply had one word: “HELP!!!”
     
    On the same day last week, two separate agencies cut through the White House influence with their own factual conclusions.
     
    The Food and Drug Administration announced last Monday that it was revoking emergency approval of the malaria drugs, saying that the dosing regimens promoted are “unlikely to produce an antiviral effect” and that their risks — which include potentially fatal cardiac side effects — outweigh the possible benefits.
     
    Also that day, an independent panel investigating Sharpiegate on behalf of the National Oceanic and Atmospheric Administration found that top officials — including acting chief Neil Jacobs — violated the policy that forbids political interference with NOAA’s scientific findings. Meanwhile, Trump nominated Jacobs to permanently lead the agency in December.
     
    ProPublica catalogued other instances in which government entities have changed language or made other moves buttressing the White House’s unsupported assertions.
     
    “Our Stockpile”
     
    The morning after Trump’s son-in-law Jared Kushner asserted that the national stockpile is “our stockpile” and not for states, the government changed the wording on the stockpile’s website.
     
    Before Kushner’s comments, it said the “stockpile ensures that the right medicines and supplies get to those who need them most.”
     
    That became: The stockpile’s “role is to supplement state and local supplies,” and “many states have products stockpiled, as well.”  Continue Reading… 
     
     
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