Fitch downgrades Anagram

Fitch Ratings said it downgraded Anagram Holdings, LLC and Anagram International Inc.'s long-term issuer default ratings to D from RD following the company's Chapter 11 bankruptcy protection filing on Nov. 8, 2023.

The agency, however, affirmed the company's first-lien secured notes rating at CCC/RR1 and its second-lien secured notes rating was affirmed at C/RR6.

At the time of filing, the company listed debts of around $6 million outstanding on its asset-based lending credit facility, $125 million in first-lien secured notes due August 2025 and around $110 million in second-lien secured notes due August 2026.

The company has indicated it agreed with an ad hoc group of lenders as the ‘stalking horse’ bidder to buy the company. The company has also arranged DIP financing to support operations through its bankruptcy process.

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