At least six major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of October 19 – October 23, 2020. These filings and defaults caused credit issuers to lower ratings for two of the six companies. The Consumer Discretionary sector saw the majority of defaults this week.
Sources: S&P, CBS News, TBT, Daily Coffee News, HBJ
Central Security Group, Inc., doing business as Alert360, provides home security systems and installations. The company announced that it has completed the restructuring of its capital structure on Oct. 16, 2020. The restructuring involved a debt exchange in which the company’s first- and second-lien lenders received significantly less than originally agreed upon. As a result, S&P has lower...