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Moody’s drops CJ Holding, loans to Ca
Moody's Investors Service said it downgraded CJ Holding Co.'s corporate family rating to Ca from Caa3, probability of default rating to Ca-PD from Caa3-PD and senior secured credit facilities to Ca from Caa3.
The SGL-4 speculative grade liquidity rating was affirmed.
The outlook remains negative.
Moody’s said the downgrade was prompted by CJ Holding’s July 8 announcement that it entered into a restructuring support agreement (RSA) with certain of its lenders representing more than 50% of its outstanding secured debt.
The company is contemplating filing under Chapter 11 of the U.S. Bankruptcy code on or before July 17. Under the RSA, CJ Holding is planning to convert all of its secured debt into equity and extinguish all of the existing balance sheet debt.
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