News & Events
market
intelligence
briefing
April 12, 2021
Commercial Banking
Real Estate Finance
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Apr 9 -
The Astor Companies scored a $32.4 million construction loan for its mixed-income, multifamily project near Miami's Flagler Street. Astor, led by founder Henry Torres, is developing the 10-story, 199-unit Douglas Enclave at 61 Northwest 37th Avenue. Ocean Bank issued the loan.
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Apr 9 -
NorthPoint Development recently acquired a 19.21-acre parcel in Tampa to build its first industrial project in Florida. The project, dubbed the Tampa Airport Logistics Center, will sit at Johns Road and W. Sligh Avenue. It will span two buildings and nearly 300,000 square feet.
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Apr 9 -
The Sarah D. Brito Revocable Trust, with Ivelise Daily as trustee, sold the 4,370-square-foot retail building and gas station at 6348 Collins Ave. to Power Petroleum. Built on a 20,740-square-foot site in 1968, the asset has been a 7-Eleven since 2009.
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Commercial Bankruptcy
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Apr 8 -
A Texas bankruptcy judge approved oil and gas company Diamond Offshore Drilling's $2 billion debt-swap Chapter 11 plan after rejecting a compromise between Diamond and the U.S. trustee's office over the plan's legal releases. The judge said he wouldn't be bound by the language and calling the U.S. trustee's objection part of a concerted effort to try to limit legal releases in bankruptcy plans. Houston-based Diamond, which operates 15 offshore drilling rigs worldwide, declared bankruptcy in April with $2.6 billion in debt, citing a long-term downturn in oil prices that was exponentially worsened by the oil price war last year and the coronavirus pandemic. Under the plan, $2 billion in senior notes will be exchanged for 70% of the equity in the reorganized Diamond. The remaining 30% will go to buyers of the just under $125 million in exit notes Diamond will issue on emergence from bankruptcy, while existing equity holders will receive warrants. General unsecured claims will be paid in full. The plan also calls for the company to receive an additional $400 million to $600 million in exit financing.
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Apr 7 -
The 2,275 total commercial bankrtupcy filings in March represented a 16% increase from the 1,965 total commercial filings during the previous month. Commercial chapter 11 filings decreased 9% in March to 384 from the 420 commercial chapter 11 filings in February. Total overall commercial bankruptcies decreased 36% in Q1 2021, as the 6,289 filings were down from the 9,870 commercial filings during Q1 2020. Total commercial chapter 11 filings dipped 25% to 1,283 during the first calendar quarter of 2021 from the 1,709 total commercial chapter 11s during the same period in 2020.
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Apr 6 -
Almost 62% of corporate bankruptcy filings last year sought to reorganize or restructure, the highest watermark since 2010, according to S&P data, and 2021 filings are set to outpace last year's numbers. Conversely, in 2018 and 2019, liquidations were more commonly sought in bankruptcy filings. A total of 630 companies declared bankruptcy during 2020. But most of those reorganized not because their business model was unsound, experts told S&P, but because they were left with few options when economic shutdowns began rolling in and persisted.
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