U.S.-based fishing company American Seafoods is inching closer to a deal to restructure its USD 900 million (EUR 792.3 million) in debts, but it’s unclear whether its creditors will go along with it, and the company’s credit rating is still sliding.
According to media reports, American, based in Seattle, Wash., is attempting to put together a package for refinancing the debt through another investor, but credit rating agency Standard & Poor’s said that involved certain junior debt holders to settle “at a substantial discount for either cash or equity.”
There is no word on whether senior debt holders will be interested in a similar deal, and meanwhile American’s rating continues to decline. The ratings agency said it has downgraded America’s rating to CC, the third lowest grade it can give a company.
