The extent of the damage to the global economy will hinge on how long it takes for the coronavirus to subside. One banker commented that the US economy isn't well-equipped for people to work from home and not go outside for months on end.
But attorneys hedged their forecasting about how many large Chapter 11 bankruptcy filings we may see from the turmoil. Much is still unknown, they said, like exactly what the federal bailout package will include and what actions companies will take to scale down operations. The law firms likely to see some of the biggest restructuring matters from clients include Jones Day, Kirkland & Ellis, Paul Weiss, Weil Gotshal, Willkie Farr, Akin Gump, Quinn Emanuel, and Milbank.
"Many of those cases got hotter," said Bennett, who did not provide specific names. "There is just no question that that happened." But when bankruptcy filings do start to occur, he said, the expectation is that oil and gas companies will be on the list of companies to file. Kirpalani said that it's also affecting the municipal markets, an area that is seeing an outflow of cash from mutual funds.
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