S&P: EuroFresh unchanged

Standard & Poor's said its ratings and outlook on EuroFresh Inc. (CCC/negative) would not be immediately affected by the company's announcement that it had hired Imperial Capital LLC as its financial advisor to assist the company in evaluating a potential restructuring transaction, debt or equity financing, amendment to the company's existing credit facility and other debt/obligations and/or other strategic alternatives.

Nevertheless, the agency said it remains concerned about EuroFresh's very high leverage, its ability to meet financial covenants absent another bank loan amendment and its potential to improve its very weak operating and financial performance.

S&P noted that it will continue to monitor the situation and evaluate the effect of any strategic alternatives, including any changes in capital structure, when and if the company announces definitive plans and more details become available.

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