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Bon-Ton Stores Could File Bankruptcy

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According to recent press and people familiar with the matter, The Bon-Ton Stores, Inc.’s senior creditors are pushing the troubled retailer to file for bankruptcy, a development that could happen as soon as this month. Bon-Ton, however, hasn’t made a decision and is still trying to avoid a court filing, said the people, who asked not to be identified because the information isn’t public. If the Company does enter bankruptcy, it’s not clear whether it would seek to liquidate or to reorganize, the people said. The creditor group has retained Miller Buckfire & Co. as financial adviser and Jones Day for legal advice, the people said.

On January 17, 2018, Moody’s Investors Service downgraded The Bon-Ton Stores Inc.’s probability of default rating to Ca-PD/LD from Caa3-PD and corporate family rating to Ca from Caa3 due to the Company’s announcement that it has entered forbearance agreements following the expiration of the 30 day grace period on its missed interest payment. The limited default “LD” designation appended to Bon-Ton’s probability of default rating reflects that the missed interest payment constitutes a default under Moody’s definition. The limited default designation will remain until the Company resolves the missed payment. Concurrently, the rating on the Senior Secured Second Lien Notes due June 2021 was downgraded to C from Ca.

The post Bon-Ton Stores Could File Bankruptcy appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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