Recovery Report: Il Fornaio (America) Corp.'s Recovery Rating Profile May 11
Standard & Poors, May 2011
Abstract
Standard & Poor's Ratings Services has assigned preliminary recovery and issue-level ratings to Corte Madera, Calif.-based restaurant management company Il Fornaio (America) Corp.'s proposed senior secured credit facilities. Our simulated default scenario contemplates a default in 2014 due to a weak economy and intense competition in the restaurant industry, resulting in a steep decline of sales and operating income. We believe the company would reorganize in the event of a default because of its differentiated brands and uniquely positioned restaurant concepts. Il Fornaio (America) Corp. will be the issuer of a $145 million senior secured credit facility, which consists of a $15 million five-year revolver and a $130 million six-year term loan, as well as $50 million of mezzanine debt...
Companies mentioned in this report are: Il Fornaio (America) Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Il Fornaio (America) Corp.
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