DISTRESSED DAILY: Phone Recycler Reconext Facing Cash Crunch

Two years after leaving bankruptcy, electronics recycler Reconext has a shrinking pool of cash and high leverage that will make it harder for the company to refinance debt coming due next year, S&P Global Ratings said in a report in which it downgraded the company’s prospects.

Parent 4L Topco Corp. reported weaker-than-expected results for the third quarter last year and likely ended 2021 with $12 million to $15 million in unrestricted cash, down about a third from the previous year, credit analysts Dieynaba Kane and Andy Sookram said in a report. The company could probably only borrow $6 million at ...