Covid-19 Pandemic Risk Events

From Open Risk Manual

Purpose

The Covid-19 Pandemic Risk Events is an open catalog of observed (publicized) operational, credit or other major business (risk events) directly or closely associated with the 2019-2020 COVID-19 Pandemic. The catalog aims to document the breadth and sequence of such events reasonably accurately to allow risk managers understand existing vulnerabilities of financial / economic systems. See below for more precise criteria for inclusion and the adopted data schema.

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Help make the list a useful record of one of the most distressing economic events in modern history. You can add a suggestion for a missing event by simply clicking on the feedback button at the end of the page!

Notes

  • This Open Risk Manaul entry serves as a convenient (live) collection point for relevant public data of economic / financial events. In due course this primary source of event data will be migrated to the repository of structured Open Risk Data
  • The organization and structure of the data collection is amended as the crisis unfolds

List of Collective Events

Covid-19 Collective Pandemic Risk Events
1. Domain 2. Date 3. Region 4. Description 5. Links 6. Remarks
Bond Funds April 7 2020 Sweden Scandal Follows Crisis After 35 Bond Funds Frozen in Sweden Bloomberg Liquidity Risk
Policy Actions March onwards Global Central Bank / Regulatory / Government Interventions Coronavirus Response Tracker, IMF Policy Response Tracker
Credit Ratings April 17 US For 1st time since 2008, a CLO triggers its senior overcollateralization test SP Global
Oil Futures April 17 US West Texas Intermediate futures for May delivery plunged more than 100% to -$37.63 a barrel Investor's Business Daily
  • NOT INCLUDED: Economic statistics and similar aggregate data points (unless of an extraordinary nature that reveals importnat elements of economic function)
  • NOT INCLUDED: Adverse market moves (unless of an extraordinary nature that reveals important elements of market function)

List of Individual Events

Covid-19 Individual Pandemic Risk Events
1. Entity 2. Publication Date 3. Country 4. Category 5. Event Description 6. Event Type 7. Loss Amount 8. Links 9. Remarks
Hertz Global Holdings Inc May 23 2020 US Transport Hertz Says Pandemic Decimated Revenue, Leading to Bankruptcy Credit Risk $24 billion in debt US News, Bloomberg
JCPenney May 15 2020 US Retail Event Description Credit Risk N/A Forbes
Parking Management Inc. May 11 2020 US Transport One of D.C.'s largest parking management firms seeks bankruptcy protection Credit Risk N/A Washington Business Journal
Foodora May 11 2020 CA Retail Event Description Credit Risk N/A Globe News Wire
Avianca May 10 2020 AR Airlines Event Description Credit Risk N/A Company Page
Stage Stores May 10 2020 US Retail Event Description Credit Risk N/A Company Page
J.Crew May 4 2020 US Retail Crew files for bankruptcy as preppy retailer succumbs to COVID-19 fallout Credit Risk N/A Reuters, Company Page
ALDO Group May 7 2020 CA Retail Event Description Credit Risk N/A Newswire
Neiman Marcus May 7 2020 US Retail Event Description Credit Risk N/A Company Page
Techniplas May 6 2020 US Automotive Event Description Credit Risk N/A PRNewswire
Gold’s Gym May 4 2020 US Consumer Event Description Credit Risk N/A Company Page
Rubie’s Costume Apr 30 2020 US Clothing Event Description Credit Risk N/A US Courts
Edcon Apr 29 2020 SA Retail Event Description Credit Risk N/A Company Page
CMX Cinemas Apr 25 2020 US Entertainment Event Description Credit Risk N/A Inforuptcy
Diamond Offshore Drilling Apr 25 2020 US Energy Event Description Credit Risk N/A PRNewswire
Creative Hairdressers Inc. Apr 24 2020 Austria Services Vienna-based Hair Cuttery parent files for Chapter 11, gets outside investment Credit Risk N/A WTOP
Speedcast International Apr 23 2020 Australia ICT Australia’s Speedcast International Files for Bankruptcy Credit Risk N/A WSJ, Company Page
Air Mauritius Apr 22 2020 Mauritius Airlines Air Mauritius Files for Voluntary Administration to Avoid Bankruptcy Credit Risk N/A AirlineGeeks
Hin Leong Apr 21 2020 Singapore Commodity Trading Top Singapore Oil Trader Cooked Books For Years, Owes Banks Billions Credit Risk $3.85 billion to 23 banks International Business Times
Virgin Australia Apr 21 2020 Australia Airlines Virgin Australia, nation’s second-largest airline, seeks bankruptcy protection amid coronavirus shutdown Credit Risk N/A USA Today, Company Page
Hin Leon Apr 18 2020 SG Commodity Trading Event Description Credit Risk N/A Forbes
MQ Apr 16 2020 Sweden Retail Swedish fashion retailer MQ will file for bankruptcy Credit Risk N/A NASDAQ, Company Page
Amazon Apr 15 2020 France Retail Amazon Halts Activity at French Warehouses After Court Order Political Risk N/A Bloomberg
Yuma Energy, Inc Apr 15 2020 US Energy Yuma Energy, Inc. Files for Chapter 11 Protection Credit Risk N/A PR Newswire
Frontier Communications Apr 15 2020 US ICT Frontier Communications Files for Chapter 11 Bankruptcy Credit Risk N/A WSJ, Company Page
JC Penney Apr 15 2020 US Retail JCPenney misses debt payment among reports of bankruptcy preparations Credit Risk N/A CNN
True Religion Apr 14 2020 US Retail True Religion Files for Its Second Bankruptcy in Three Years Credit Risk N/A Footwear News
Longview Power LLC Apr 14 2020 US Energy KKR-Backed Power Company Files for Bankruptcy After Tapping Stimulus Funds Credit Risk N/A WSJ
Pace Industries Apr 13 2020 US Automotive Pace Industries to File Chapter 11 Bankruptcy Credit Risk N/A Arkansas Business
Alpha Entertainment Apr 13 2020 US Entertainment XFL files for Chapter 11 bankruptcy after suspending operations Credit Risk N/A ESPN
LSC Communications Apr 13 2020 US Consumer LSC Communications Files for Chapter 11 Bankruptcy Credit Risk N/A WSJ, Businesswire
True Religion Apr 13 2020 US Clothing Event Description Credit Risk N/A APNews
British Prime Minister Boris Johnson Apr 8 2020 UK Governement U.K.'s Johnson, Suffering From COVID-19, Spends 2nd Night In ICU Key Person Risk N/A NPR
Apex Parks Group Apr 8 2020 US Entertainment Event Description Credit Risk N/A Company Page
Quorum Health Apr 7 2020 US Health Event Description Credit Risk N/A Businesswire
Morgan Stanley Apr 6 2020 US Financial Services Morgan Stanley CEO Recovered From Coronavirus Key Person Risk N/A WSJ
Debenhams Apr 3 2020 UK Retail Debenhams prepares to file for bankruptcy Credit Risk N/A Guardian, Company Page
RavnAir Apr 5 2020 US Airlines Event Description Credit Risk N/A Company Page
Quorum Health Corporation Apr 3 2020 US Health Care Quorum says it may have to file for bankruptcy Credit Risk N/A HealthCareDive, Edgar
Whiting Apr 2 2020 US Energy Shale group Whiting files for Chapter 11 Credit Risk $650m credit line, $2.4bn in outstanding bonds FT
Xerox Holdings Corp. Apr 1 2020 US ICT HP Shares Fall After Xerox Ends Hostile Takeover Bid Event Risk N/A Morningstar
Signa Holding GmbH Apr 1 2020 DE Retail Signa’s Galeria Karstadt Kaufhof Files for Creditor Protection Credit Risk N/A Bloomberg Law
Dean & DeLuca Apr 1 2020 US Retail Event Description Credit Risk N/A Bloomberg
USA Rugby Mar 31 2020 US Entertainment Covid-19: USA Rugby files for bankruptcy Credit Risk N/A NST
Whiting Petroleum Apr 1 2020 US Energy Event Description Credit Risk N/A Businesswire
Jefferies Group Mar 30 2020 US Investment Services Jefferies CFO Peg Broadbent dies at 56 of complications linked to coronavirus Key Person Risk N/A USA Today
BrightHouse Mar 30 2020 UK Real Estate Event Description Credit Risk N/A Company Page
Carluccio's Mar 30 2020 UK Consumer Restaurant latest coronavirus high street victim - 2,000 jobs at risk Credit Risk N/A Express
BrightHouse Mar 30 2020 UK Consumer Carluccio's and BrightHouse collapse into administration Credit Risk N/A Guardian
Cirque du Soleil Mar 27 2020 Canada Consumer Cirque du Soleil might file for bankruptcy after Covid-19 put live events on hold Credit Risk $950 million in debt Reuters
OneWeb Mar 27 2020 US ICT OneWeb to file for bankruptcy as effort to secure funding, including from investor SoftBank, falls through Credit Risk N/A TechCrunch, Company Page
Miami Air International Mar 26 2020 US Airlines Miami Air Files for Chapter 11 Reorganization Credit Risk N/A Aeronautics
ABN Amro Mar 26 2020 NL Derivatives ABN Amro confirms $200 million hit from client’s failed margin call Credit Risk $200m The Trade
AG Mortgage Mar 25 2020 US Real Estate AG Mortgage seeks to prevent RBC from auctioning off mortgage debt Credit Risk $11 million collateral Reuters
Neiman Marcus Group Inc Mar 24 2020 US Consumer Neiman Marcus Considers Bankruptcy to Ease Crushing Debt Load Credit Risk $524 million of outstanding borrowings Bloomberg/MSN
Invesco Mortgage Capital Mar 24 2020 US Real Estate REIT unable to meet margin calls, in discussion with lenders on forebearance agreements Credit Risk N/A MarketWatch
MFA Financial, Inc Mar 24 2020 US Real Estate Residential Mortgage REIT Can't Meet Margin Calls Credit Risk N/A Builder
Goldman Sachs Mar 23 2020 US Asset Management Goldman Sachs spent nearly $1.9bn to shore up liquidity in two of its “prime” money market funds after a rush of outflows Liquidity Risk $1.9bn FT
Modell’s Sporting Goods Mar 21 2020 US Retail Event Description Credit Risk N/A Businesswire
Vapiano Mar 20 2020 DE Consumer Vapiano calls for Berlin bailout after revealing insolvency Credit Risk €441m of debt FT
BNY Mellon Mar 20 2020 US Asset Management Bank swaps $1.2bn of assets for cash to cover redemptions at Dreyfus Cash Management fund Liquidity Risk $1.2bn FT
Ford Motor Company Mar 20 2020 US Transport Banks face liquidity strain as corporations tap revolving credits Liquidity Risk $15.4bn from two revolving credit lines Reuters
Nygard Entities Mar 19 2020 US Clothing Event Description Credit Risk N/A WSJ
Trans States Airlines Mar 17 2020 US Airlines Trans States Airlines to shut down Apr 1, first US carrier to close amid coronavirus crisis Business Risk Reuters
Internmap Mar 16 2020 US ICT Event Description Credit Risk N/A Company Page
Boeing Co Mar 11 2020 US Airlines Boeing to draw down billions in loan cash as pressure builds Liquidity Risk / Corporate Credit Risk $13.8 billion (total) Reuters
Compass Airlines Mar 10 2020 US Airlines Compass Airlines to shut down operations Business Risk FlightGlobal Related to Trans States via holding company
Foresight Energy Mar 10 2020 US Energy Foresight Energy Files For Chapter 11 Bankruptcy Corporate Credit Risk $1.4 billion in claims Nasdaq, Businesswire
Spectra Premium Mar 10 2020 CA Automotive Event Description Credit Risk N/A Businessinsider
Bluestem Brands Mar 9 2020 US E-Commerce Event Description Credit Risk N/A Businesswire
Art Van Furniture Mar 8 2020 US Retail Event Description Credit Risk N/A Freep
Flybe Mar 5 2020 UK Airlines Flybe: airline collapses two months after government announces rescue Corporate Credit Risk N/A Guardian, Company Page
CraftWorks Mar 3 2020 US Restaurants Event Description Credit Risk N/A Primecleck
Pioneer Energy Mar 2 2020 US Energy Event Description Credit Risk N/A PRNewswire
Pier 1 Feb 27 2020 US Retail Event Description Credit Risk N/A Investor
Mallinckrodt Feb 25 2020 US Pharmaceuticals Event Description Credit Risk N/A PRNewswire
Cosi Feb 24 2020 US Restaurants Event Description Credit Risk N/A APNews
Chongqing Rural Commercial Bank and other Chinese Banks Feb 13 2020 China SME Lending Coronavirus outbreak spells trouble for China’s banks SME Credit Risk N/A FT
McClatchy Feb 13 2020 US Publisher Event Description Credit Risk N/A Company Page
RentPath Feb 11 2020 US Real Estate Event Description Credit Risk N/A Businesswire
Earth Fare Feb 4 2020 US Retail Event Description Credit Risk N/A PRNewswire
Helios and Matheson Jan 29 2020 US Entertainment Event Description Credit Risk N/A WSJ
Bar Louie Jan 27 2020 US Restaurants Event Description Credit Risk N/A PRNewswire
Lucky’s Market Jan 27 2020 US Retail Event Description Credit Risk N/A Supermarket News
Fairway Market Jan 23 2020 US Retail Event Description Credit Risk N/A PRNewswire
McDermott International Jan 21 2020 US Construction Event Description Credit Risk N/A Company Page
Krystal Jan 19 2020 US Food Event Description Credit Risk N/A Company Page
Borden Jan 5 2020 US Food Event Description Credit Risk N/A PRNewswire
  • Some entries are tentatively included as placeholders even though they might be broader narratives rather than definitive event descriptions
  • Some entries are tentatively included even if the causal connection with the pandemic is not obvious
  • NOT INCLUDED: Individual Ratings downgrades or other such indicators of distress that are not fully realized events

Schema for the Individual Risk Event Table

Entity

An (informal) identification of the entity involved

Category

The subsector / industry in which the entity is operating

Publication Date

A rough indication (+/- Month of the Year) of when the risk event has become more widely known

Event Description

A brief narrative of the main aspects of the event, ideally with links to corresponding explanatory entries of the underlying risk mechanisms

Country

The Country where the company is incorporated and / or where the risk event materialized

Loss Amount

Where available, a monetary amount as an indicator of the scale of the event

Links

Links to reputable and permanent URL's where the event is discussed.

Event Type

The event types categorization will primarily be drawn from suitable subsets of the Operational Risk and Credit Risk taxonomies but in principle any relevant Risk Type from the Risk Taxonomy will be included.

  • Business Disruption and Systems Failures - utility disruptions, software failures, hardware failures
  • Business Execution, Delivery, and Process Management - data entry errors, accounting errors, failed mandatory reporting, negligent loss of client assets
  • Internal Fraud - misappropriation of assets, tax evasion, intentional mismarking of positions, bribery
  • External Fraud - theft of information, hacking damage, third-party theft and forgery
  • Employment Practices - discrimination, workers compensation, employee health and safety
  • Legal Risk - Clients, Products, and Business Practice - market manipulation, antitrust, improper trade, product defects, fiduciary breaches, account churning
  • Physical Damage - Damage to Physical Assets - natural disasters, terrorism, vandalism

Criteria for inclusion

Risk Event Eligibility

  • There should be adequate, independent, confirmed and public information about the event, with authoritative, permanent urls.

Materiality Threshold

At present there is no explicit materiality threshold

See Also

Contributors to this article

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