At least four major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of January 4 – January 8, 2021. The majority of defaults were within the Consumer Discretionary sector.
Sources: S&P, Moody's
HGIM Corp is a marine offshore vessel provider. The company was founded in 2008 and is based in New Orleans, Louisiana. HGIM Corp repurchased a portion of its $350 million first-lien term loans at a below-par value. S&P viewed that as a distressed transaction, since debt investors did not receive the amount that was originally agreed upon. As a result, S&P downgraded the company’s credit rating to SD.
Northwest Hardwoods Inc. is a materials company specializing in wood products. The company filed f...