Vallourec: stock falls further after S&P downgrade
(CercleFinance.com) - The Vallourec share is tumbling over 8% on Thursday morning (after falling about 10% yesterday) after S&P downgraded its credit rating to CCC- yesterday evening, following the group's announcement of an extension of its financial restructuring.
The company said on Tuesday that it will continue talks, particularly with its key shareholders and banks, with a view to defining a new refinancing schedule.
"Following such discussions, the company contemplates extending the dialogue to all of its banks and bondholders creditors and other stakeholders, with a view to achieving a financial restructuring that embraces all of the borrowings at the level of Vallourec S.A. and allows it to address its upcoming maturities and rebalance its financial structure, taking into account the consequences of the Covid-19 and oil markets crises on its activity," the group said.
The company wishes to give itself the opportunity to request the appointment of an ad hoc mandataire.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company said on Tuesday that it will continue talks, particularly with its key shareholders and banks, with a view to defining a new refinancing schedule.
"Following such discussions, the company contemplates extending the dialogue to all of its banks and bondholders creditors and other stakeholders, with a view to achieving a financial restructuring that embraces all of the borrowings at the level of Vallourec S.A. and allows it to address its upcoming maturities and rebalance its financial structure, taking into account the consequences of the Covid-19 and oil markets crises on its activity," the group said.
The company wishes to give itself the opportunity to request the appointment of an ad hoc mandataire.
Copyright (c) 2020 CercleFinance.com. All rights reserved.