One year ago, we wrote that, unlike in 2019, when the large business bankruptcy landscape was generally shaped by economic, market, and leverage factors, the COVID-19 pandemic dominated the narrative in 2020. The pandemic may not have been responsible for every reversal of corporate fortune in 2020, but it weighed heavily on the scale, particularly for companies in the energy, retail, restaurant, entertainment, health care, travel, and hospital‑ ity industries. Mandatory shutdowns beginning in the spring of 2020 wreaked havoc on the bottom lines of thousands of companies confronting a precipitous drop in demand for their products and services. Many were able to weather the worst of the storm with packages of government assistance or by adapting their business models to meet the unique chal‑ lenges of the pandemic. Others could not and either closed their doors or sought bank‑ ruptcy protection to attempt to restructure their balance sheets or sell their assets.