Bankruptcies will be an inevitable part of the economic crisis brought on by the coronavirus pandemic, but that same upheaval is complicating the process of unwinding and restructuring businesses that are no longer viable.
Lawyers and bankers tasked with restructuring firms or helping companies file bankruptcy proceedings say this situation, along with government aid, might delay, but wont stave off the eventual filings and forced sales that will shake up sectors from retail to energy.
You cant have a going out of business sale when you cant get your business open. Liquidating your inventory is not going to happen when people are at home, said Lou Brzezinski, a partner at Blaney McMurtry LLP who specializes in insolvency and bankruptcy…
Read the full article at: https://business.financialpost.com/news/economy/its-all-a-mess-pandemic-driving-businesses-to-bankruptcy-brink-and-complicating-restructuring-efforts