Perkins & Marie Callender's Inc.'s $132M Senior Secured Debt Rating Lowered To 'D' From 'CC' Jun 11

  • ID: 1824377
  • June 2011
  • Standard & Poors
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NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today that it lowered its issue-level rating on Memphis-based Perkins & Marie Callender's Inc.'s $132 million 14% senior secured notes to 'D' from 'CC'. The recovery rating on this debt remains at '4', indicating expectations for an average (30%-50%) recovery in the event of a default scenario. The rating action follows the company's filing for Chapter 11 bankruptcy protection on June 13, 2011. We lowered our rating on the company's $190 million senior unsecured notes to 'D' on April 7, 2011, after it missed the $9.5 million interest payment due April 1. RATINGS LIST Perkins & Marie Callender's Inc. Corporate Credit Rating D/-- Downgraded Perkins & Marie...

Companies mentioned in this report are:
- Perkins & Marie Callender's Inc.

Action: Downgraded

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- Perkins & Marie Callender's Inc.

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