Partner Holly O’Neil was quoted in The Texas Lawbook article, “There is a Tsunami Coming,” about the large number of Texas businesses that have filed for bankruptcy this year and the numbers yet to come. COVID-19 and falling oil prices have been the main contributors to the filings.
“There is a tsunami coming,” O’Neil said. “For tens of thousands of retailers and restaurants and other businesses, their incoming revenue completely stopped, but their expenses kept coming. The options for many of these businesses are running out.”
O’Neil said the federal stimulus package probably delayed many businesses from filing, but it just forestalled the inevitable. “A wave of restructuring and liquidations is coming,” she said.