At least three major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of December 7 – December 11, 2020. These filings and defaults caused credit issuers to lower ratings for all three companies. For the fourth week in a row, the majority of defaults were within the Energy sector.
Of note, for the first time in December, there was a default within the Healthcare sector.
Superior Energy Services Inc. is an oil and gas service company. Superior Energy commenced voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the Southern District of Texas. As a result, the company’s credit rating was downgraded to SD.
Community Health Systems Inc. is the largest provider of gen...