DISTRESSED DAILY: IPC Debt Restructuring Seems Likely, S&P Says

It’s likely that trading technology company IPC Corp. will need to restructure some of its debt as a $785 million first-lien loan comes due in August, S&P Global Ratingssaid, adding that if investors get less than promised, that would be “tantamount to default.”

IPC has been negotiating with investors to reach a deal as the maturity looms, the ratings company said in a report Friday. But it noted that ICP has an “unsustainable” debt load that’s 9.5 times a measure of earnings and could make refinancing difficult.

IPC through a spokesperson declined to comment.

S&P cut all its ratings ...