Red Lobster Chain Goes Bankrupt After Unlimited Shrimp Deal - Bloomberg: Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion.
Crypto Lender Genesis Gets Approval for Chapter 11 Wind-Down Plan - WSJ: A bankruptcy judge approved a chapter 11 wind-down plan for Genesis Global that will pay back creditors about 77% of the same digital assets that they lent to the cryptocurrency lender before its bankruptcy filing nearly 16 months ago.
Crypto Lender Genesis Gets Approval for Chapter 11 Wind-Down Plan - WSJ: A bankruptcy judge approved a chapter 11 wind-down plan for Genesis Global that will pay back creditors about 77% of the same digital assets that they lent to the cryptocurrency lender before its bankruptcy filing nearly 16 months ago.
Lender looks to unload Four Seasons Embarcadero hotel debt - San Francisco Business Times: The buyer has a path to owning the 155-key luxury hotel at a steep discount
Fitch Downgrades Petrofac and Debt to 'C' on Missed Interest Payment: Fitch Ratings has downgraded Petrofac Limited's Long-Term Issuer Default Rating (IDR) and senior secured debt rating to 'C' from 'CC'. The Recovery Rating on the senior secured debt is 'RR4'.
Petrofac Ltd. Downgraded To 'SD' On Missed Coupon | S&P Global Ratings: As Petrofac continues its financial restructuring, it obtained an agreement from its noteholders to miss the coupon payment on its senior secured notes. Petrofac has a 30-day grace period to complete the restructuring or alternatively reach an agreement with 75% of its noteholders to avoid a default. The company currently has an agreement with 41% of the noteholders, which expires on June 30.
Calumet Specialty Products Partners L.P. Downgrade | S&P Global Ratings: Calumet Specialty Products Partners L.P. is facing elevated refinancing risk considering it is now current on the $364 million outstanding April 2025 notes. S&P believes the company's internal liquidity generation will be insufficient to address this maturity absent any external sources of funds.
