Despite the parties’ best intentions at the beginning of a commercial lease, landlords will inevitably encounter tenants in financial distress. Ultimately, some tenants will seek protection in bankruptcy, whether to restructure their ventures or wind down operations in an orderly process. Bankruptcy affords a commercial tenant significant rights and protections but also imposes financial obligations and deadlines for lease-related business decisions. Likewise, a tenant’s bankruptcy significantly restricts a landlord’s ability to pursue its rights and remedies under the lease and applicable law.

With the shutdown of Pineapple Street, nearly 30 employees are being laid off, according to sources familiar with the company. Audacy, previously known as Entercom Communications, had acquired Pineapple Street for a reported $18 million in 2019.

Financial distress continues to drag down America's healthcare providers, as companies commence closing locations, sell off facilities, launch out-of-court restructurings, and file for bankruptcy. Healthcare providers have dealt with financial issues, such as rising labor and operating costs driven by inflation, a decline in reimbursement rates, and increased insurance liability premiums.

One fast food restaurant chain has closed out a financially challenging chapter by filing for Chapter 11 bankruptcy. The fast-food industry has been struggling lately, with foot traffic falling and rising inflation causing people to eat at home instead. Global giants like McDonald’s and Burger King have fought to keep their reputation.

Mitel Networks Corporation announced that it has successfully completed its financial restructuring to position the business for sustainable, long-term success. As a result, Mitel has a significantly stronger balance sheet and capital structure, well-positioned to optimize its global operations and drive profitable and efficient growth.

Shares of silicon carbide chip manufacturer Wolfspeed (NYSE: WOLF) sank on Monday, falling 34.4% as of 12:18 p.m. ET. Wolfspeed issued a press release today noting it plans to declare Chapter 11 bankruptcy in order to restructure its significant debt load.

The news broke in early June that At Home was considering filing for bankruptcy, and now, just two weeks later, the brand has officially filed for Chapter 11 bankruptcy. This isn’t the end of the chain just yet, though. At Home officially stated the brand had come to terms with its lenders to resolve its $2 billion debt.

AGG's Bankruptcy, Creditors' Rights, & Financial Restructuring team provides valuable knowledge and experience in the areas of commercial debt restructuring, settlements, bankruptcy trusteeships, fiduciary work, and bankruptcy and creditors’ rights litigation.