Recycling Firm Gopher Resource at Risk of Cash Crunch, S&P Says

Gopher Resource faces a potential liquidity crunch within the next year unless it can reach a refinancing deal for around $500 million of debt, according to S&P Global Ratings.

• S&P on Friday cut the company’s rating by one notch to CCC, and said a distressed exchange was another potential default scenario
• Gopher was acquired by Energy Capital Partners, a private equity firm based in New Jersey, in 2018
• Its $510 million term loan due March 2025, of which $470 million was outstanding at the end of March according to S&P, was last quoted at about 95 cents on the ...