Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment - S&P Global Ratings’ Credit Research

Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment

Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment - S&P Global Ratings’ Credit Research
Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment
Published May 15, 2025
Published May 15, 2025
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Abstract:

Off-price retailer Mountaineer Merger Corp. , (dba Gabe?s) missed its interest and principal payments due April 30, 2025, on its senior secured first-lien term loan due 2028. It entered into a forbearance agreement with its lenders. As a result of the missed payment, we lowered our issuer credit rating on the company to ?SD? from ?CCC+?. We also lowered our issue-level rating on the company?s term loan to ?D? from ?CCC+?. We will reassess our ratings on the company once the default is addressed. company?s missed interest and principal payment on its $200 million first-lien term loan that were due on April 30, 2025. Furthermore, the company failed to cure the default within the five-business-day grace period. On May 1,

  
Report Type:

Research Update

Ticker
1493773D
Issuer
Mountaineer Merger Corp.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment" May 15, 2025. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Mountaineer-Merger-Corp-dba-Gabe-s-Downgraded-To-SD-From-CCC-On-Missed-Interest-And-Principal-Payment-3370349>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Mountaineer Merger Corp. (dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment May 15, 2025. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Mountaineer-Merger-Corp-dba-Gabe-s-Downgraded-To-SD-From-CCC-On-Missed-Interest-And-Principal-Payment-3370349>
  
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