Travel Leaders Group LLC, an Internova company, received a ratings downgrade on both its issuer credit rating and its senior secure credit facility. S&P Global Ratings on July 17, 2020 downgraded the ratings from B- to CCC, due to the heavy restrictions placed on travel surrounding the COVID-19 crisis.
Both the leisure and the business travel industries have taken a huge hit as the pandemic continues to surge.
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Travel Leaders has seen a considerable amount of monthly cash burn since travel restrictions were implemented. It is expected that the company will continue to spend roughly $15 million cash per month to cover expenditures through 2021.
S&P also stated its belief that a debt restructuring …