Stonepeak-Backed Rinchem Moves Assets Out of Creditor Reach

Stonepeak Partners-backed Rinchem disclosed to lenders that it moved some assets out of the reach of existing creditors, according to people with knowledge of the matter.

• The firm moved collateral into a so-called unrestricted subsidiary, said the people, who asked not to be identified discussing a private matter
  • Such maneuvers give the company flexibility to raise money against the borrowed assets
• The designation of an unrestricted subsidiary came after Rinchem and some of its lenders entered into confidential discussions, given its loans were trading in distressed levels, they said
• However, those private talks ended and no deal was reached, ...