Covid-related Chapter 11 bankruptcy filings continue, no relief in sight

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Some states with plans to reopen in phases have decided to halt reopenings and impose further mandates to address the pandemic. In a statement issued Tuesday, Governor Jon Bel Edwards extended Phase 2 restrictions in Louisiana, which shutters bars and limits social gatherings to 50 people. Other states are facing similar dilemmas. 

Results of an NBC survey reveal nearly 75% of Americans believe the economy is in bad shape. Businesses are struggling to stay afloat, and the majority of America can feel it. In a statement to CNBC, top economist and University of Chicago professor explained, “As this goes on, more and more businesses find that a long period without revenue, but high cost, implies that they simply don’t have a chance, and they’re closing down.”

The collapse of industry giants continues to bring doubt and uncertainty regarding the future of the U.S. economy. It’s anyone’s guess as to which companies will opt to file for bankruptcy in the following weeks.