Distress and uncertainty in corporate restructuring will persist as the new decade begins. Some of the largest headline-grabbing bankruptcies of 2019, such as PG&E Corp., Purdue Pharma LP, and Forever 21 Inc. remain unresolved and tense negotiations are still underway. PG&E Corp. is mired in a costly and complicated bankruptcy with no clear end in sight. The Northern California electricity giant filed for Chapter 11 relief in January facing an estimated $30 billion in claims related to wildfire liabilities.
Windstream Holdings Inc. remains locked in litigation with its former spinoff Uniti Group Inc. over a master lease agreement for its telecom network assets. A trial is set to take place in March 2020. Forever 21 Inc. enters the new year without creditor consensus around a Chapter 11 overhaul. The fast-fashion retailer filed for bankruptcy at the end of September after failing to reach an out-of-court agreement with its landlords and reduce its $450 million tab for annual lease payments. The company has planned to close more than 100 stores.
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