Recovery Report: Huntsman International LLC's Recovery Rating Profile Feb 12
- ID: 2082989
- February 2012
- Region: Global
- Standard & Poors
Standard & Poor's Ratings Services is updating our recovery report on Huntsman International LLC to reflect the company's proposed amendment and extension of its senior secured credit facilities. Our simulated default scenario contemplates a default in 2016, reflecting our assumption of trough-like conditions in the company's cyclical end markets while commodity price volatility results in margin compression. The material drop-off in revenues and earnings would lead to a severe strain on cash flow and liquidity. We estimate a gross recovery value of $3.4 billion assuming an emergence EBITDA of $571 million and a 6.0x EBITDA multiple. As part of the proposed amendment and extension of the senior secured credit facilities, the company is seeking a $100 million increase to its...
Companies mentioned in this report are:
- Huntsman International LLC
- Huntsman Corp.
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Research Type: Full Analysis