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Charlotte Russe, Inc.’s Ratings Lowered

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Charlotte Russe, Inc.

On February 6, 2017, S&P Global Ratings lowered its corporate credit rating on Charlotte Russe, Inc. to CCC+ from B-, its $150 million first-lien term loan to CCC+ from B- and its $80 million first-lien term loan to CCC+ from B-. “The downgrade reflects our view that the company’s suppressed debt trading prices and lack of prospects for a strong, sustained rebound could lead the company to pursue a potential debt restructuring,” said credit analyst Andrew Bove. “We believe the existing capital structure of this entity is unsustainable in the long-term given our expectation for negative free operating cash flow beginning in fiscal 2017, and our view that the apparel industry will only be more challenged over the next 12-24 months.” Read more on distressed companies.

The post Charlotte Russe, Inc.’s Ratings Lowered appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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