DISTRESSED DAILY: Topgolf May Be Left Short-Sided by Closures

Topgolf International Inc. may be teeing up for some dark days ahead.

• The driving range operator has shuttered all of its venues, which are likely to remain closed during the duration of the coronavirus crisis, setting up “a very low revenue scenario,” according to S&P Global Ratings, which recently downgraded the company to CCC+ from B-.
  • Early this year, the company was in talks to go public, potentially valuing it at about $4 billion. In a matter of months, that prospect has dimmed, especially given that S&P believes the company may struggle to gain back revenue even in a ...