DISTRESSED DAILY: TriMark Scalded by Lukewarm Restaurant Sales

The Covid-19 pandemic and the ensuing quarantine sent restaurant distress skyrocketing. Now, the companies that supply half-open eateries are also running into trouble.

TriMark USA LLC, a Centerbridge Partners-backed company that sells food service equipment and supplies, is at risk of a distressed bond swap or default in the next year given weakness in the restaurant industry, S&P Global Ratings wrote in a recent report.

The firm saw its sales drop by almost 50% in the second quarter amid pandemic lockdowns, S&P said. Though demand for TriMark’s products have improved since March and April, it remains weak ...