The COVID-19 pandemic has had unprecedented impact across the global economy. The economic carnage began during the spring of 2020 and will continue with an industry-agnostic impact through 2021. Significant percentages of certain industries that managed to stay afloat during the initial shutdown will likely evaporate and be unable to recover from this second wave and partial shutdown of the U.S. and global economy. There will continue to be several large bankruptcy filings in response to the unprecedented challenges that have arisen during this time period. It will be interesting to see how companies and consumers continue to respond to these macro-economic and health shocks and how capital providers work through the market uncertainties through the courts and through other approaches.

This panel continued the conversation that began at the Stout Summit 2020 and explored some of the most prominent issues that have arisen in this period:

• How the economic challenges have been dealt with by companies, regulators and courts
• The impact that these challenges have had on the market and lessons learned thus far.
• Thoughts on potential impacts going forward and the new administration

The panel reviewed several insolvencies (bankruptcy filings) that have characterized the first and second phases of COVID-19 in America:

• Notable filings
• Industries impacted initially
• Market reaction
• Stakeholder review