...- Germany-based wood panel manufacturer Pfleiderer Group B.V. & Co. KG (Pfleiderer) completed a capital restructuring via a consensual agreement with the lenders, which included a three-year extension of the maturity of its 750 million senior secured notes and super senior revolving credit facility (RCF) in return for a 75 million equity injection by Strategic Value Partners and additional compensations for noteholders. - We continue to view Pfleiderer's capital structure as unsustainable in the medium term because we consider its cash generation as insufficient for the group's high debt levels. - Upon completion of the debt restructuring, we raised our rating on Pfleiderer to '###+' from '##' and at the same time, raised our issue rating on the amended 750 million senior secured notes due 2029 to '###+' from 'D'. - The stable outlook reflects our view that liquidity will remain sufficient in the next 12 months, despite our expectation of negative generation of free operating cash flow...
