Debtors on the Edge
Standard & Poor's considers 209 U.S. companies vulnerable to default. Among them:
AccurideCREDIT RATING: CCCCOMMENT: Lenders gave the auto supplier a 45-day reprieve from meeting financial tests. Says a spokesman: "We continue to be focused on our restructuring."
American AxleCREDIT RATING: CCC+COMMENT: Summer shutdowns at General Motors and Chrysler are hurting cash flow at the maker of drivetrains for light cars and trucks.
AMRCREDIT RATING: B-COMMENT: As the recession dampens enthusiasm for travel, American Airlines' parent is taking planes out of service and renegotiating loan terms.
BlockbusterCREDIT RATING: CCCCOMMENT: With bank loans due in August, the video chain agreed to pay an extra 8% in interest in exchange for an extension to September 2010.
Claire's StoresCREDIT RATING: B-COMMENT: The teen jewelry retailer reported a $29 million loss in the latest quarter. "We are comfortable with our [capital] position," says a spokeswoman.
HovnanianCREDIT RATING: CCCCOMMENT: The homebuilder has been buying back debt at discounts but is still heavily leveraged. "We have sufficient liquidity," says a spokesman.
RealogyCREDIT RATING: CCCOMMENT: The franchiser of real estate brokerages Century 21 and Coldwell Banker has been hit hard by the real estate bust. Realogy declined to comment.
SaksCREDIT RATING: B-COMMENT: The luxury goods retailer has discounted heavily and cut inventory to stem losses and save cash.
Data: Standard & Poor's and the companies