At least four major companies have either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of August 17 – August 21, 2020. These filings and defaults caused credit issuers to lower ratings for all four companies. The majority of defaults this week were within the Energy sector.
Sources: S&P, Moody's
August 17
Chaparral Energy Inc. is an operator and producer of natural oil and gas deposits. The company filed for bankruptcy under Chapter 11 on August 16, after it was unable to meet the required interest payment on its unsecured notes. Accordingly, credit issuers lowered the company’s credit rating to D.
READ MORE: Chaparral Energy Becomes the Latest Crude Oil Bankruptcy
August 19
Omnimax International Inc., a manufacturer of transportat...
