DISTRESSED DAILY: Neovia’s Restructuring Is No Panacea, S&P Says

Supply chain manager Neovia Logistics L.P. is stumbling as it emerges from an out-of-court restructuring amid attrition from its automotive base.

Neovia, which ships parts to automakers, plane manufacturers, and other industrial companies, has lost large customer contracts it had with Jaguar Land Rover Automotive Plc. and Schaeffler AG., severely impairing its ability to bolster earnings and free cash flow, according to S&P Global Ratings.

Jaguar accounted for 17% of the company’s 2022 revenue and Schaeffler’s loss “created a $65 million revenue headwind,” S&P said.

The departures are unwelcome news for the Irving, Texas-based company, which said it ...