New Chapter 11 Filings, Disclosures: November 23 – November 27, 2020

At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of November 23 – November 27, 2020. These filings and defaults caused credit issuers to lower ratings for both of the companies. The defaults occurred within the Energy and Consumer Discretionary sectors.

Source: S&P

November 25

SM Energy Company is an independent energy company that explores and produces crude oil. The company disclosed that it repurchased a large portion of its senior unsecured notes at a below par value. SM Energy repurchased $91.5 million of its 6.125% unsecured notes due in 2022. Additionally, the company repurchased 5% of its unsecured notes due in 2024.

Both repurchases were approximately 72% below par value. S&P views these...

Login In


Register now for free access

Notify of
Inline Feedbacks
View all comments