Bioplan USA Inc. has announced a restructuring for a substantial portion of its debt. Therefore, S&P Global Ratings lowered its issuer credit rating to 'D' from 'CCC'. We also lowered the issue-level rating on its first-lien debt to 'D' from 'CCC' and the rating on its second-lien debt to 'D' from 'CCC-'. On March 10, 2023, Bioplan announced that it completed a recapitalization, extinguishing a substantial amount of debt and receiving a new capital infusion. We view this out-of-court restructuring as a default on Bioplan's debt obligations and therefore lowered our ratings to 'D'. Bioplan (doing business as Arcade Beauty) provides sampling for the beauty, fragrance, and personal-care segments. The company operates manufacturing facilities globally to serve its key markets
