At least six major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of November 16 – November 20, 2020. These filings and defaults caused credit issuers to lower ratings for all six companies. The majority of defaults this week were within the Energy sector.
Sources: S&P, Moody's, TBT
Guitar Center Inc. filed for Chapter 11 bankruptcy protection. The company entered a restructuring support agreement with its key investors. Guitar Center intends to reduce its debt by nearly $800 million from a collected total of $1.3 billion. Consequently, S&P lowered the company’s credit rating to D.
READ MORE: Guitar Center Files for Bankruptcy, Plans to Keep Stores Open
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