Clearlake-Backed Unifrax in Technical Default for Late Earnings

Unifrax Holdings is operating under a technical default after missing a May 15 deadline to report financial results, according to people familiar with the situation.

• The missed results come as the Clearlake Capital-backed chemical firm’s debt has been trading at deeply distressed levels, said the people, who asked not to be identified discussing a private matter
• A representative with Clearlake declined to comment, while messages left with Unifrax were not immediately returned
• Moody’s Ratings cut its corporate grade to Caa3 from Caa2 in November, citing Unifrax’s “persistently high leverage, weak interest coverage and inability to generate free cash flow” ...