Centerbridge’s KIK Bonds Drop After Company Shelves Alabama Plan

Bonds of Centerbridge-backed chemicals firm KIK Custom Products Inc. plunged after the company informed investors that it is shelving plans to retrofit its plant in Alabama due to rising costs, according to people familiar with the matter.

• KIK had decided to retrofit the plant following the fire in a facility in Georgia last year. Instead, it will expand its capabilities in its Ontario, California plant, it told investors earlier this week, the people familiar said, asking not to be named discussing private information
• A group of creditors advised by Centerview Partners and Gibson Dunn & Crutcher have entered confidential ...