At least two major companies have either filed for Chapter 11 bankruptcy protection or defaulted on loans during the week of May 17 – May 21, 2021. For the first time in May, a default occurred within the Materials sector.
Boart Longyear Ltd. is a global mineral exploration company. The company reached a restructuring agreement with its creditors to exchange $796 million of debt. As a result, S&P lowered the company’s credit rating to D.
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Oakland-based Brown Sugar Kitchen filed for Chapter 11 Bankruptcy.
“The decision to reorganize does not mean an end of an era for Brown Sugar Kitchen,” said the owner Tanya Holland in a press release, according to Mercury News. “In fact, it will allow me to stabilize th...