Texas Business Bankruptcies Skyrocket in 2017
Bruce J. Ruzinsky, a bankruptcy partner in Jackson Walker’s Houston office, was interviewed by Mark Curriden of The Texas Lawbook in an article reporting on the dramatic increase in Texas business bankruptcies in 2017. According to The Texas Lawbook, based on data provided by Androvett Legal Media Research, business bankruptcies increased 94% last year in the Southern District of Texas, which includes Houston. The number of businesses filing for Chapter 11 in 2017 skyrocketed to “near historic highs” in the Northern District of Texas, which includes Dallas and Fort Worth, with an increase of 52.4% over the prior year. In in the Western District, which includes San Antonio and Austin, filings fell to near record lows while filings in the Eastern District had no change.
Bruce told The Texas Lawbook:
“Energy bankruptcies – especially offshore and oil and gas service companies – still dominate Houston’s bankruptcy docket, while healthcare restructurings are a significant part of the new cases in DFW. The restaurant industry continues to be a tough business even in cities such as Houston and Dallas where the economies are booming.”
The article goes on to review the raw data, then examines energy bankruptcy trends and the effect of affiliated business filings.
Bruce J. Ruzinsky has over 30 years’ experience representing financial institutions, corporations, and other business entities in workout/restructure efforts, chapter bankruptcy proceedings, and litigation. He has represented creditors, creditors’ committees, trustees, debtors, landlords, and asset purchasers in various industries and business environments, including energy, real estate, healthcare, shipping, manufacturing, transportation, retail, entertainment, wholesale produce, and personal services. He has served as past president of the Houston Bar Association’s Bankruptcy Section, a past member of the Chapter 11 Advisory Committee for the Southern District of Texas, and is a current member of the American Bankruptcy Institute.