At least nine new companies have either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of June 29 – July 3, 2020. These filings and defaults caused credit issuers to lower the companies' ratings. For the second week in a row, companies within the Energy sector are facing a major decline.
Sources: S&P, Moody's, Bloomberg
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Sable Permian Resource Finance LLC. filed for voluntary petition for relief under Chapter 11 of the Bankruptcy Code, in the U.S Bankruptcy Court for the Southern District of Texas. Consequently, Moody’s lowered the company’s rating to D.
Covia Holdings Corp., a frac sand and industrial minerals producer, f...