At least three major companies have either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of September 14 – September 18, 2020. These filings and defaults caused credit issuers to lower ratings for two out of the three companies. This week the Energy sector has experienced the majority of defaults.
Sources: S&P, WSJ
Town Sports International Holdings Inc. is an operator of fitness centers across Eastern United States and California. The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Sept. 14, 2020. As a result, S&P has lowered the company’s credit rating to D.
Independent oil and gas company Lonestar Resources US Inc. plans to file for Ch...