On September 14, 2016, S&P Global Ratings lowered its unsolicited corporate credit rating on Cobalt International Energy, Inc. (CIE) to CCC- from CCC+ and its unsolicited convertible senior notes rating to C from CCC-. According to S&P Global, the downgrade follows CIE’s announcement that it has retained Goldman, Sachs & Co. and Lazard Ltd. as financial advisors and Davis Polk & Wardwell LLP and Kirkland & Ellis LLP as legal advisors. “The company is looking into strategic alternatives as well as initiatives to improve liquidity following the failed Angolan asset sale to Sonangol,” said S&P Global Ratings credit analyst Kevin Kwok. “We would likely view any restructuring of debt as a selective default on the convertible notes, which currently trade substantially below par value,” he added. Read more on distressed companies.
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