Moody’s downgraded Venator Materials plc’s Corporate Family Rating to C and Probability of Default to D-PD after administrators were appointed, also cutting senior secured loans to Ca/C. All ratings will be withdrawn due to limited disclosure and pending asset sales; outlook remains stable.
Administrators from Alvarez & Marsal signal a UK insolvency process, while Venator’s main operating units in the UK, U.S., and France continue running. Moody’s expects low recovery on $ 100M First-Out and $ 175M Term Loans due to high European costs and weak TiO2 markets.
$VNTRF
$VNTRF VNTRD
VENATOR MATLS PLC ORD SHS NEW
$0.0110.00 (0.00%)
At close: Jan 18, 2024, 5:00 PM ET
EXTENDED HOURS
$975.00+974.989 (+8,863,536.36%)
Bid x Size
$925.00 x --
Ask x Size
$1,000.00 x --
$VNTRF the vote is coming up. Is there any reason for any common shareholders to vote to approve to allow the company to proceed with its bankruptcy. They are getting wiped out, anyway.
