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.

Finance

KfW IPEX-Bank Boosts its Presence at SMM

In an interview the departing head of the KfW IPEX-Bank Maritime Industries department, Dr. Carsten Wiebers offers insight into the facets of international ship

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd.

APM Terminals to invest $70 mln in Port Elizabeth Terminal

The Port of New York and New Jersey is the largest port on the US East Coast and third largest in the United States with 6.37 million TEU handled in 2015.  In 2014,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0615 sec (16 req/sec)