At least five major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of October 5 – October 9, 2020. These filings and defaults caused credit issuers to lower ratings for three of the five companies. The Consumer Discretionary sector saw the majority of defaults this week.
Sources: S&P, TBT
1069 Restaurant Group LLC is the largest operator of the buffet chain Golden Corral. The company filed for a voluntary Chapter 11 bankruptcy, in the U.S. Bankruptcy Court for the middle District of Florida. The 1069 Restaurant Group hopes the restructuring will mend its accumulated $49.7 million debt.
READ MORE: Golden Corral Operator Files for Bankruptcy
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