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Tops Markets Hires Investment Banker

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According to recent press and people with knowledge of the matter, Tops Markets LLC has tapped investment bank Evercore Inc. for advice on how to tackle its debt load, in the latest sign of financial distress facing some food retailers. Tops is examining a range of options to handle its debt, the sources said, asking not to be identified because the deliberations are confidential. Tops did not respond to a request for comment. Evercore declined to comment.

On January 22, 2018, S&P Global Ratings lowered its corporate credit rating on Tops Holding LLC to CCC from CCC+, its senior secured notes rating to CCC from CCC+ and the senior unsecured notes as well as Tops Holding II Corporation’s unsecured notes to CC from CCC-. According to S&P Global, the downgrade reflects their view that challenging conditions in the U.S. food retail industry will continue to weigh on Tops’ operating performance, pressuring the Company’s already thin credit protection metrics and increasing the potential for a debt restructuring. Read more on distressed companies.

The post Tops Markets Hires Investment Banker appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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