S&P's Cuts Pacific & Atlantic Ratings

Monday, January 17, 2000
Standard & Poor's lowered its corporate credit ratings on Pacific & Atlantic Holdings Inc. to 'SD' (selective default) from double-'C'. At the same time, the ratings on the company's 11.5% $128 million first preferred mortgage notes, due 2008, were lowered to 'D' (default) from double-'C'. All ratings are removed from CreditWatch, where they were placed on March 2, 1999, with negative implications. The rating actions took place at the end of an extended grace period for the payment of the half-yearly interest installment on Pacific & Atlantic's first preferred mortgage notes. The company did not make the coupon payment due on Nov. 30, 1999. Pacific & Atlantic has reached the final stage of negotiations in a restructuring agreement with bondholders, which will involve a swap of debt for equity. The company's corporate credit rating has been placed on 'SD' as it is still current on some of its other senior secured obligations. Standard & Poor's will meet with management in the coming months to review the company's new financial structure, and assign a new rating as appropriate.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Nicaragua Building China-led Canal to Rival Panama

Nicaragua on Monday broke ground on its Chinese-led $50 billion shipping canal, a massive infrastructure project that aims to rival Panama's waterway and revitalize

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1030 sec (10 req/sec)