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S&P axes Champion Enterprises' convertible debt rating to D on bankruptcy filing

Posted on: Tue, 17 Nov 2009 09:33:00 EST

Symbols: CHB, CJHBQ

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The recovery rating remains unchanged at 6, indicating negligible
(0%-10%) recovery prospects.

The agency lowered to D the corporate credit and senior secured bank
debt ratings on 15 October after Champion missed interest and principal
payments on its rated senior secured bank debt. The recovery rating on
the senior secured bank debt stays at 5.

Champion and its domestic units filed for Chapter 11 bankruptcy
protection on 15 November. The company has obtained a USD40m
debtor-in-possession credit facility from certain of its existing
lenders.

Champion's heavy debt burden, combined with tough operating conditions
and tight credit markets, resulted in operating losses and caused the
company's operations to burn cash.

Champion had some USD324m of debt and USD596.4bn asset base (book
value) as of 4 July 2009.

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For full details on Champion Enterprises Inc (CHB) CHB. Champion Enterprises Inc (CHB) has Short Term PowerRatings at TradingMarkets. Details on Champion Enterprises Inc (CHB) Short Term PowerRatings is available at This Link.

For full details on (CJHBQ) CJHBQ. (CJHBQ) has Short Term PowerRatings at TradingMarkets. Details on (CJHBQ) Short Term PowerRatings is available at This Link.

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