At least three major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of October 26 – October 30, 2020. These filings and defaults caused credit issuers to lower ratings for one of the three companies. Two of the three filings came from within the Energy sector, while the other came from Consumer Discretionary.
Sources: S&P, News Break, Business Wire
Rubio's Restaurant Inc., known for its fresh coastal Mexican food, filed for Chapter 11 bankruptcy. Rubio's filed for protection in the United States Bankruptcy Court for the District of Delaware. The restructuring involves Rubio’s receiving debtor-in-possession financing from Golub Capital and Mill Road Capital.
"The agreement with our sponsor and lenders will ...