On January 3, 2018, S&P Global Ratings lowered its corporate credit rating on Fieldwood Energy LLC to D from CCC, its first-lien term and first-lien last-out term loans to D from B- and its second-lien term loan to D from CCC-. According to S&P Global, the downgrade reflects Fieldwood Energy’s decision to skip the interest payments on its first-lien last-out term and second-lien term loans and enter into forbearance agreements with certain lenders. Despite its ongoing negotiations with creditors, S&P doesn’t expect the Company will make the interest payments and believes a restructuring or a general default is the most likely outcome. Read more on distressed companies.
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.