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S&P cuts Doncasters
S&P said it lowered its rating on Doncasters Group to SD from CCC- and dropped the ratings on the company’s first- and second-lien facilities to D.
“We understand that Doncasters Group has received close to 100% lender support for its proposed financial restructuring, which we consider distressed,” said S&P in a press release.
The restructuring calls for 50% of the first-lien debt to be converted into Holdco payment-in-kind debt and equity in Alloy Topco Ltd., a new lender-owned company taking over the operating group. In addition, 20% of the second-lien debt will be converted into Holdco PIK debt and equity as part of the restructuring.
After the restructuring, the operating group is expected to have about £240 million of net debt and will have removed about £900 million of liabilities from its balance sheet.
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