Steinways faces renewed bankruptcy threat

From Bankrupt Company News:

On December 22, 2016, Moody’s Investors Service downgraded Steinway Musical Instruments,Inc.’s corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD and $300 million first lien senior secured term loan due 2019 to Caa1 from B2 due to the Company’s weak operating performance and the risk that metrics will remain soft for an extended period.

More here.

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    • Surely, the most effective (Stein)way to put the company into liquidation…..
      The young lady is doubtless interpreting a well-known work by Handel.

    • …errr… i think playing any pianos with fingers crossed is not likely to give the best impression, musically (or financially). Imagine the reviews: “Swineway and Stuns……”

  • “rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD and $300 million first lien senior secured term loan due 2019 to Caa1 from B2”

    Normy baby – you don’t even know what that means…you schmuck.

    • It’s easy to look up.

      Per Moody’s…

      “Corporate families rated Caa-PD are judged to be speculative of poor standing, subject to very high default risk, and may be in default on some but not all of their long-term debt obligation”

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