Money Makers Mentor

New Chapter 11 Bankruptcy Filings, Disclosures

Credit issuers lowered various ratings of eight companies that either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of May 18 – May 22, 2020. Most are companies within the Consumer Discretionary sector.

Sources: S&P, Moody’s

May 18

Gavilan Resources, LLC filed for bankruptcy under Chapter 11 on May 16, causing Moody’s to issue the company a D rating.

May 19

S&P issued a D rating to J.C. Penny, the discount department giant, after the company announced that it has commenced voluntary prearranged Chapter 11 proceedings.

May 20

S&P issued two Selective Defaults to companies in the Consumer Discretionary sectors. Downstream Development Authority entered into a waiver agreement with its term loan lenders. The agreement states …

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