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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.0595 sec (17 req/sec)