Three debt issuers - two from the still-troubled energy sector - joined LCD's Restructuring Watchlist last week, bringing the number of entities on the list to 42.
The Watchlist tracks companies with recent credit defaults or downgrades into junk territory, issuers with debt trading at deeply distressed levels, as well as those that have recently hired restructuring advisors or entered into credit negotiations. It is compiled by LCD’s Matthew Fuller and Rachelle Kakouris.
Joining the Watchlist last week:
- FTS International, a Texas-based oil & gas/fracking concern. It undertook a debt swap, offering 60-70 cents on the dollar.
- Seadrill, a Bermuda-based exploration and development co., which likewise undertook a debt swap
- Transtar, a Cleveland-based auto parts concern which last month began operating under a forbearance agreement with lenders
With FTS and Seadrill, energy-related issuers comprise 18 of the 42 names on the Restructuring Watchlist.
The Restructuring Watchlist is published each week in LCD’s Distressed Weekly. You can follow LCD on Twitter or learn more about us here.
