McKool Smith principal Hugh Ray commented in Westlaw article “‘There’s Going To Be a Reckoning’: A Look at Restructuring in 2021.” The article noted that an uptick of COVID-19 related bankruptcies filings are anticipated by the mid-2021, summarizing the transportation, hospitality, energy, retail, and real estate industries’ situation. On the restructuring for airline companies, Hugh noted, "Profits are only going to come from increased travel and that's not going to happen. [The airlines] know this.” Meanwhile, the energy industry, “is in the midst of a sea change as pressure grows on legislators to curb fossil fuel emissions. Traditional oil, gas, and coal companies are seeing their access to financing diminish,” according to Hugh. Read the full article here.
