Bioplan USA Inc. (doing business as Arcade Beauty) completed its out-of-court debt restructuring whereby it swapped debt for equity and placed a $50 million priority secured term loan and $160 million secured takeback term loan. We raised our issuer-credit rating on Bioplan to 'CCC+' from 'D' (default). At the same time, we assigned our 'B' issue-level rating to the priority secured term loan and our 'CCC+' issue-level rating to the secured takeback term loan. The stable outlook reflects our expectations that Bioplan's marginal revenue and EBITDA growth over the next two years will provide the company an opportunity to improve its cash generation and stabilize its cash balances by 2024, thus avoiding a covenant breach or payment default scenario under
