S&P lowers Logan’s Roadhouse to D

Standard & Poor’s said it lowered its ratings on Logan’s Roadhouse Inc., including the corporate credit rating, to D from CCC- and removed the ratings from CreditWatch negative, where S&P placed them on March 31.

The D rating reflects Logan’s announcement that it elected not to make the April 15 interest payments on its 10¾% senior secured notes due 2017 and series 2015-2 notes due October 2017 and S&P’s belief that the company will not make this payment within the 30-day grace period.

“The company continues to pursue strategic alternatives to improve its liquidity, which we believe will involve a broader financial restructuring,” S&P said in a news release.

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