At least five more major companies either filed for Chapter 11 Bankruptcy protection or defaulted on loans during the week of May 25 – May 29, 2020. These filings and defaults caused credit issuers to lower ratings for three of the five companies. Most are companies within the Consumer Discretionary sector.
Sources: S&P, Moody’s, Tuesday Morning Press Release, USAtoday.com
The Energy sector also had one company file Chapter 11. Last week, the Energy sector saw three companies file Chapter 11 protections.
Read More: New Chapter 11 Bankruptcy Filings, Disclosures: May 18 – May 22, 2020
Unit Corporation filed a voluntary petitioned for relief under Chapter 11 on May 22, 2020. This caused Moody’s and S&P to lower its rating of the Energy company to D.