Biggest U.S. Bankruptcies in January 2021

1/30/2021: Knotel Inc. (Del.) - At least $1 billion in assets. The workspace provider operates in 20 global markets, including New York and San Francisco.

1/26/2021: L'Occitane Inc. (N.J.) - Less At least $100 million in debt. The beauty and wellness brand runs 166 boutiques in 36 states in the U.S.

1/25/2021: CiCi's Holdings (N.D. Tex) – Less than $50 million in assets. The owner and franchisor of unlimited pizza restaurants has 318 locations across 26 states, of which 307 are franchise locations operated by 128 franchisees.

1/25/2021: Alpha Media (E.D. Va.) – Less than $50 million in assets. The privately-held radio broadcast and multimedia company owns 200 radio stations and more than 200 web sites.

1/18/2021: EHT US1, Inc., et al. (Eagle Hospitality Trust) (Del.) – At least $500 million in assets. Singapore-based Eagle Hospitality Group sent entities that own 15 full-service hotels to Chapter 11 bankruptcy.

1/15/2021: National Rifle Association (N.D. Tex) - At least $100 million in assets. The gun rights advocacy group claims to be the longest-standing civil rights organization and has more than five million members.

1/13/2021:Christopher & Banks Corp. (N.J.) - $166 million in assets. The Minneapolis-based women's apparel retailer had 449 stores in 44 states consisting of 315 MPW stores, 76 Outlet stores, 31 Christopher & Banks stores.

1/11/2021: Ferrellgas Partners (Del.) - At least $100 million in assets. The Kansas-based company distributes propane and related equipment and supplies to customers in all 50 states.

1/10/2021: Tea Olive I (Minn.) - At least $50 million in assets. Eagan, Minnesota-based Tea Olive owns the 25-store Stock+Field farm supply and outdoor department store chain.

1/05/2021: South Bay Mental Health Center (Mass.) - At least $50 million in assets. South Bay is a behavioral health services provider with 21 offices in Massachusetts and one in Hartford, Connecticut.

Greylock Capital -- distressed-debt investor in distress

Greylock Capital Associates, a hedge fund known for making bets on distressed debt and troubled sovereign bonds, has filed for chapter 11 bankruptcy. In 2017, it managed assets of $1.1 billion and it leased the entire 24th floor of 285 Madison Avenue in Manhattan. But managed accounts had negative returns each year for the next 3 years. By the end of 2020, assets under management was down to $450 million and the firm is in the process of liquidating a large portion of a managed account. Saying that it is unable to pay debts as they become due, it filed for Chapter 11 bankruptcy, disclosing just less than $10 million in assets and debt. Its first act in bankruptcy was to reject the lease for the office, which is a block away from the iconic Grand Central Terminal and Bryant Park. Subscribe to the Troubled Company Reporter for more information.

Global Workspace Provider Knotel Seeks Bankruptcy in U.S.

At the beginning of 2020, Knotel had over 4.0 million square feet of leased workspace, over 300 customers contracted for workspace, and expanded operations in various major business centers in 20 global markets. But with people working at home due to stay home orders and other restrictions during the pandemic, Knotel has ended in Chapter 11 bankruptcy. The company has signed a deal to sell the business to Newmark Group via a $70 million credit bid. Morris, Nichols, Arsht & Tunnell LLP and Moelis & Company are advising the company. Subscribe to the Troubled Company Reporter for more information.