S&P slices Mobileum

S&P said it downgraded it issuer rating for Mobileum Inc. (Matrix Holdings Inc.) to SD, selective default, from CCC and its second-lien term loan to D from CCC-.

The downgrade follows Mobileum missing the Dec. 1 payment on its second-lien term loan and S&P said it does not expect the company to make the payment during the loan agreement’s five-business-day grace period.

“Mobileum is seeking waivers from its creditors until it can restate its financial statements. This follows the ongoing special committee investigation stemming from certain accounting issues related to revenue recognition irregularities in 2020-2022,” S&P said in a statement.

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