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Platinum’s Yak Access Stirs Lender Unease Amid Liquidity Crunch

Sept. 17, 2021, 5:17 PM

Lenders to Yak Access LLCare organizing after the maker of mats for construction projects posted a steep drop in earnings and weak liquidity in the second quarter, according to people with knowledge of the situation.

A group of first-lien term loan holders is working with lawyers from Akin Gump Strauss Hauer & Feld, said the people, who asked not to be identified because the matter is private. The East Columbia, Mississippi-based company has nearly $1 billion of debt.

Messages left with Yak and its sponsor Platinum Equity were not returned. Akin Gump didn’t respond to requests for comment. ...