--- type: "nimble-use-case" name: "credit-risk" description: "Nimble's credit risk agent populates a credit picture of any company with its financials, ratings, debt events, payment behaviour and distress signals from the live web, behind a low, moderate, elevated or high risk call. It reads SEC filings and annual reports, rating agency releases, court records and the business press, and cites a source for each item." use_when: "A sourced first read on whether a customer, supplier, borrower or issuer can pay, with a risk call that follows from cited items." not_for: "A credit rating of record, credit bureau scores, non-public financials, trading signals." agent_id: "wsa_71d8b395623b4cc88984f41636ed01b9" price_per_agent_run: { low: 0.025, medium: 0.1, high: 0.5 } updated: "2026-11-11" --- # AI web research agent for credit risk (Nimble) Nimble's credit risk agent populates a credit picture of any company with its financials, ratings, debt events, payment behaviour and distress signals from the live web, behind a low, moderate, elevated or high risk call. It reads SEC filings and annual reports, rating agency releases, court records and the business press, and cites a source for each item. - Human page: https://www.nimbleway.com/use-cases/finance/credit-risk - Interactive demo: https://www.nimbleway.com/demos/credit-risk - Agent context: https://www.nimbleway.com/use-cases/finance/credit-risk/credit-risk-agent.md - Skill for agents: https://docs.nimbleway.com/skills/credit-risk/SKILL.md - Docs: https://docs.nimbleway.com/nimble-sdk/web-search-agents/overview ## 1. Choose this when - You are extending trade credit, onboarding a supplier or reviewing a borrower and want the public picture first. - You want the core numbers (revenue, EBITDA, cash, debt, liquidity) with who stated them and where. - You need rating actions, refinancings, covenant issues, defaults and bankruptcy filings in one dated list. - You want a risk call you can audit, because it follows from the cited items rather than from the industry. ## 2. Use something else when - You need a rating of record or a bureau score. Use the agencies and bureaus; use this to prepare the file. - You need non-public financials. For private companies, only filed accounts and stated figures are available. - You want a full investment memo. Use the due diligence agent. ## 3. Minimal request One run of the ready-made credit risk agent (`wsa_71d8b395623b4cc88984f41636ed01b9`). ```bash AGENT_ID=wsa_71d8b395623b4cc88984f41636ed01b9 # Nimble's credit risk agent curl -X POST "https://sdk.nimbleway.com/v2/agents/$AGENT_ID/runs" \ --header "Authorization: Bearer $NIMBLE_API_KEY" \ --header 'Content-Type: application/json' \ --data '{"input":"Assess the credit and counterparty risk of Carvana Co.","effort":"high"}' # poll until is_active is false, then read the result curl "https://sdk.nimbleway.com/v2/agents/$AGENT_ID/runs/$RUN_ID" --header "Authorization: Bearer $NIMBLE_API_KEY" curl "https://sdk.nimbleway.com/v2/agents/$AGENT_ID/runs/$RUN_ID/result" --header "Authorization: Bearer $NIMBLE_API_KEY" ``` The report is in `output.content`: `risk_call` (low, moderate, elevated or high) and `risk_rationale`; `ownership` as `{ value, as_of, source_url }`; `financials` as a list of `{ metric, period, value, currency, stated_by, source_url }`; `credit_ratings`, `debt_events`, `payment_behaviour` and `distress_signals` as lists of `{ date, summary, source_url }`; `missing_fields` lists what no page could verify. ## 4. Use it from an agent Paste this into Claude, ChatGPT, Codex, Cursor or Grok: ```text Be my credit research assistant using Nimble. Follow https://docs.nimbleway.com/skills/credit-risk/SKILL.md. ``` The full skill is in section 7 below. - Frameworks: `@nimble-way/mastra`, `langchain-nimble`, `@nimble-way/ai-sdk`, `llama-index-tools-nimble`, `nimble_python`, `@nimble-way/nimble-js`. ## 5. Example runs ### Costco (recorded 2026-11-11) Input: Assess the credit and counterparty risk of Costco Wholesale Corporation Run record: high effort, 3.5 minutes, 11 pages cited. Risk call: low Rationale: Costco presents very low credit and counterparty risk over the next 12 months. Evidence: (1) Ratings - S&P rates the issuer 'AA'/A-1+ with stable outlook (upgraded two notches in January 2025, affirmed October 23, 2026) and Fitch assigns 'AA' IDR/stable (November 2025); both agencies cite conservative financial policy and leverage well below downgrade thresholds (S&P-adjusted debt/EBITDA 0.0x-0.5x; Fitch EBITDAR leverage 0.7x in FY25). (2) Financials - FY2026 total revenue of $303.2 billion (net sales $297.2 billion + membership fees $5.9 billion), net income $9.2 billion, operating income $11.7 billion and operating cash flow $15.8 billion; $21.3 billion of cash and short-term investments against $6.2 billion total long-term debt, leaving a ~$15 billion net cash position. (3) Liquidity - $2.1 billion of undrawn bank facility capacity, no short-term borrowings, and the negative-working-capital model (sells inventory before paying for it) that generates cash from operations. (4) Only near-term maturity is $2.25 billion of notes due in fiscal 2027 against far larger cash and FCF resources; Fitch explicitly assumes these are refinanced. (5) The board declared a $30/share (~$13.3 billion) special cash dividend on November 10, 2026 plus a $4 billion buyback authorization - a strong capacity signal, though it will consume most of the FY2026 cash balance. Counterparty behaviour is excellent: 92.3% U.S./Canada member renewal rate, rapid payment practices benefiting suppliers, and no disclosed liens, judgments, defaults or covenant issues. Risks are modest: thin retail margins (membership-fee dependence per S&P), the special dividend draining ~$13.3 billion of cash, and modest growth capex ($7.5 billion planned FY2027) - none threatening 12-month debt service. Ownership: Publicly traded on Nasdaq Global Select Market under COST (large accelerated filer, well-known seasoned issuer). 443,129,349 shares outstanding as of September 29, 2026; aggregate market value of voting stock held by non-affiliates was $451.6 billion as of February 15, 2026. No controlling shareholder identified; Costco operates ~939 warehouses at August 30, 2026, including a Japanese subsidiary that issues subsidiary-guaranteed notes https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm Financials: - Total revenue (FY2026 (52 weeks ended August 30, 2026)): $303B, stated by Costco Wholesale Corporation FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Net sales (FY2026): $297B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Membership fees (FY2026): $5.9B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Operating income (FY2026): $11.7B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Net income (FY2026): $9.2B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Interest expense (FY2026): $145M, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Net cash provided by operating activities (FY2026): $15.8B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Capital expenditures (FY2026): $6.4B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Cash and cash equivalents (As of August 30, 2026): $20.2B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Short-term investments (As of August 30, 2026): $1.1B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Cash and cash equivalents plus short-term investments (As of August 30, 2026 (vs $15,284 at Aug 31, 2025)): $21.3B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Current portion of long-term debt (As of August 30, 2026 (vs $75 at Aug 31, 2025)): $2.2B, stated by Costco FY2026 Form 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Long-term debt, excluding current portion (As of August 30, 2026): $3.9B, stated by Costco FY2026 Form 10-K balance sheet https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Total long-term debt (fixed-rate carrying value) (As of end of FY2026): $6.2B, stated by Costco FY2026 Form 10-K Note 4 - Debt (long-term debt with fixed interest rates) https://app.edgar.tools/companies/COST/disclosures/debt - Short-term bank credit facilities - borrowing capacity (As of end of FY2026 (vs $1,220 at FY2025); no short-term borrowings outstanding): $2.1B, stated by Costco FY2026 Form 10-K Note 4 https://app.edgar.tools/companies/COST/disclosures/debt - Accounts payable (As of August 30, 2026): $22.6B, stated by Costco FY2026 Form 10-K balance sheet https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Total assets (As of August 30, 2026): $89.0B, stated by Costco FY2026 Form 10-K balance sheet https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Total equity (As of August 30, 2026): $35.8B, stated by Costco FY2026 Form 10-K balance sheet https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - Comparable sales growth, total company (adjusted) (12 and 36 weeks ended May 10, 2026): 6.6 percent, stated by Costco Q3 FY2026 earnings release https://investor.costco.com/news/news-details/2026/Costco-Wholesale-Corporation-Reports-Third-Quarter-and-Year-To-Date-Operating-Results-For-Fiscal-2026/default.aspx - Net sales, Q3 FY2026 (12 weeks ended May 10, 2026 (+11.6% YoY)): $69.2B, stated by Costco Q3 FY2026 earnings release https://investor.costco.com/news/news-details/2026/Costco-Wholesale-Corporation-Reports-Third-Quarter-and-Year-To-Date-Operating-Results-For-Fiscal-2026/default.aspx - Net income, Q3 FY2026 (12 weeks ended May 10, 2026): $2.2B, stated by Costco Q3 FY2026 earnings release https://investor.costco.com/news/news-details/2026/Costco-Wholesale-Corporation-Reports-Third-Quarter-and-Year-To-Date-Operating-Results-For-Fiscal-2026/default.aspx - Membership renewal rate, U.S. and Canada (End of FY2025): 92.3 percent, stated by Costco 2025 Annual Report (10-K) https://s201.q4cdn.com/287523651/files/doc_financials/2025/ar/COST-Annual-Report-2025.pdf - Total revenue (FY2025 (52 weeks ended August 31, 2025)): $275B, stated by Costco FY2026 Form 10-K (comparative) https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - EBITDA (FY2025): $13.5B, stated by Fitch Ratings (Nov 25, 2025 rating report) https://fitchratings.com/research/corporate-finance/fitch-ratings-assigns-costco-idr-aa-rating-outlook-stable-25-11-2025 Credit ratings: - 2025-01-21 S&P Global Ratings raised Costco's long-term issuer credit rating two notches to 'AA' from 'A+' and its short-term rating to 'A-1+' from 'A-1'; outlook stable - citing strong execution, conservative financial policy and S&P-adjusted debt/EBITDA expected at 0.0x-0.5x https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3311132 - 2025-11-25 Fitch assigned a 'AA' Long-Term IDR and 'AA' unsecured notes rating, Outlook Stable; EBITDAR leverage 0.7x in FY25 (avg ~1x over five years), $14 billion cash plus $1 billion short-term investments and $1.22 billion bank facility capacity as of Aug 31, 2025 https://fitchratings.com/research/corporate-finance/fitch-ratings-assigns-costco-idr-aa-rating-outlook-stable-25-11-2025 - 2026-10-23 S&P Global Ratings affirmed the 'AA' Foreign Currency LT credit rating of Costco Wholesale; outlook stable https://cbonds.com/news/4140557/ Debt events: - 2026-11-10 Board declared a special cash dividend of $30 per share (~$13.3 billion total), payable December 4, 2026, and reauthorized a $4 billion stock repurchase program expiring November 2030 - funded from internal resources, a signal of very substantial financial capacity https://d18rn0p25nwr6d.cloudfront.net/CIK-0000909832/afbbca51-78a9-45aa-b816-b0d6325ba0c6.pdf - 2026-08 U.S. revolving credit facility renewed and expanded from $400 to $1,000 total borrowing capacity, maturity extended to August 2027; Japan and Mexico subsidiary facilities also expanded, lifting total short-term bank borrowing capacity to $2,118 with no short-term borrowings outstanding https://app.edgar.tools/companies/COST/disclosures/debt - 2026 (FY) Japan subsidiary issued three series of Guaranteed Senior Notes totaling ~$500 at fixed rates 2.620%-3.680%, maturing June 2031-June 2041; repaid $69 of Guaranteed Senior Notes in FY2026 https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - 2026-06-03 Filed shelf registration statement (Form S-3ASR) registering unsecured senior debt securities for future offerings - routine market access, not distress https://stocktitan.net/sec-filings/COST/s-3asr-costco-wholesale-corp-new-sec-filing-d4fbb7ac02d4.html - 2027 (upcoming) $2.25 billion of parent unsecured notes mature in fiscal 2027 ($1,000 of 3.000% notes due May 2027 and $1,250 of 1.375% notes due June 2027); FY2026 maturities schedule shows 2027: $2,250, 2028: $0, 2029: $136, 2030: $1,750 https://app.edgar.tools/companies/COST/disclosures/debt - 2024 Repaid $1,000 outstanding principal of 2.750% Senior Notes at maturity (historical deleveraging) https://app.edgar.tools/companies/COST/disclosures/debt Distress signals: - FY2026 (10-K filed October 2026) No distress signals in the FY2026 Form 10-K: no going-concern language, no covenant/default disclosure, no auditor disagreement or restatement; net income, operating cash flow and cash balances all grew; company states liquidity is sufficient for the foreseeable future https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - 2025-08-04 Costco announced COO Russ Miller will retire in February 2026 - routine planned leadership succession, not a distress signal https://gurufocus.com/news/3047288/costco-wholesale-corporation-cost-announces-executive-leadership-changes - 2026-11-07 Director Helena B. Foulkes resigned from the Board (Audit and Nominating/Governance Committees); the 8-K states the resignation was not due to any disagreement - she was elected governor of Rhode Island; not a distress signal https://d18rn0p25nwr6d.cloudfront.net/CIK-0000909832/afbbca51-78a9-45aa-b816-b0d6325ba0c6.pdf Payment behaviour: - FY2026 Negative-working-capital model favorable to suppliers' counterparty view of Costco as a customer: 'We often sell inventory before we are required to pay for it, even while taking advantage of early payment discounts' (10-K, Item 1) https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm - FY2026 FY2026 operating cash flow rose to $15,817 partly due to faster inventory turns and 'improved payment terms with suppliers'; no supplier-collection litigation or liens disclosed in the 10-K https://sec.gov/Archives/edgar/data/909832/000090983226000093/cost-20260830.htm ### Carvana (recorded 2026-11-11) Input: Assess the credit and counterparty risk of Carvana Co. Run record: high effort, 6.2 minutes, 18 pages cited. Risk call: moderate Rationale: Carvana is a speculative-grade credit whose probability of failing to meet obligations in the next 12 months is low by hard numbers, but whose single-channel funding model, controlled-company governance and 2023 distressed-exchange history keep it out of the low bucket — hence moderate. Evidence: as of 2026-09-30 (10-Q) cash was $3,049M against total debt of ~$5,157M ($283M current + $4,874M long-term), and the CFO reported record 0.8x net debt/TTM Adjusted EBITDA and 6.9x EBITDA/interest coverage; the next major maturity (the $1.66B Term Loan B that replaced the 9.00% 2030 secured notes) sits in 2030 after the August 2026 refinancing cut cash interest ~$45M/yr. Q3 2026 was a record across the board (revenue $8.04B +42%, net income $483M, Adjusted EBITDA $800M at 10.0% margin, 217,385 units), and all three agencies have been upgrading: Moody's Caa1→B3 (Mar 2025) →B2 positive (Oct 2025); S&P B-→B (Mar 2025) →BB- affirmed with positive outlook and secured raised to BB (Mar 2026); Fitch first-time BB- Stable (Jul 2026). Carvana carries no financial covenants, moved to fully cash interest in August 2025, and showed no missed coupons or going-concern language. Offsetting factors: the company defaulted via a distressed exchange as recently as September 2023; profitability leans on monetizing finance receivables to a concentrated buyer group (S&P explicitly flags buyer-cessation risk), with margin compression already visible (EBITDA margin 10.0% vs 11.3% YoY; ~$200/unit fuel/rate headwind); governance is concentrated (Garcia parties ~83% of votes, Fitch 'deficient' governance, DriveTime related-party dealings); and there is ~$2.1B net inventory build YTD supporting a 1.5M-unit capacity bet. Full-year 2026 Adjusted EBITDA is guided to the higher end of $2.7–3.0B. Net: a counterparty can transact with Carvana on normal terms, monitoring the ABS/loan-sale channel and GPU trajectory. Ownership: Publicly traded on NYSE under CVNA; controlled company under NYSE rules. Dual-class structure: Class A one vote, Class B ten votes held by the Garcia parties (Ernest Garcia III, Chairman/CEO, and Ernest Garcia II, largest individual holder; Garcia II economic stake ~7%). Garcia parties control ~83% of voting rights per Fitch; related-party transactions with DriveTime Automotive Group and Verde Investments (Garcia family vehicles). https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 Financials: - Total revenue, Q3 2026 (all-time record, +42% YoY) (Q3 2026 (quarter ended 2026-09-30)): $8.0B, stated by Carvana press release, Oct 28, 2026 https://press.carvana.com/carvana-announces-record-third-quarter-2026-results - Net income, Q3 2026 (margin 6.0%, +$220M YoY; includes $53M pretax expense on early note redemption) (Q3 2026): $483M, stated by Carvana press release, Oct 28, 2026 https://press.carvana.com/carvana-announces-record-third-quarter-2026-results - Adjusted EBITDA (non-GAAP), record, margin 10.0% (Q3 2026): $800M, stated by Carvana press release, Oct 28, 2026 https://press.carvana.com/carvana-announces-record-third-quarter-2026-results - GAAP operating income (margin 8.9%) (Q3 2026): $714M, stated by Carvana press release, Oct 28, 2026 https://press.carvana.com/carvana-announces-record-third-quarter-2026-results - Retail units sold (all-time quarterly record, +39% YoY; first quarter above 200k) (Q3 2026): 217,385 units, stated by Carvana press release, Oct 28, 2026 https://press.carvana.com/carvana-announces-record-third-quarter-2026-results - Cash and cash equivalents (as of 2026-09-30): $3.0B, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Current portion of long-term debt (as of 2026-09-30): $283M, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Long-term debt, excluding current portion (as of 2026-09-30): $4.9B, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Total debt (current portion + long-term debt; calculated from 10-Q balance sheet lines) (as of 2026-09-30): $5.2B, stated by calculated from Form 10-Q https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Vehicle inventory (up from $2,408M at 2025-12-31) (as of 2026-09-30): $3.5B, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Total assets (as of 2026-09-30): $15.2B, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Total stockholders' equity (attributable to Carvana Co.: $4,352M) (as of 2026-09-30): $5.7B, stated by Form 10-Q filed 2026-10-28 (balance sheet) https://sec.gov/Archives/edgar/data/0001690820/000169082026000067/cvna-20260930.htm - Net debt / trailing 12-month Adjusted EBITDA (company record; 1.0x at Q2 2026) (Q3 2026): 0.8 ratio (x), stated by CFO Mark Jenkins, Q3 2026 earnings call, Oct 28, 2026 https://fool.com/earnings/call-transcripts/2026/10/29/carvana-cvna-q3-2026-earnings-call-transcript - Trailing 12-month Adjusted EBITDA / interest expense (company record) (Q3 2026): 6.9 ratio (x), stated by CFO Mark Jenkins, Q3 2026 earnings call, Oct 28, 2026 https://fool.com/earnings/call-transcripts/2026/10/29/carvana-cvna-q3-2026-earnings-call-transcript - Revenue, FY2025 (up from $130M in 2015) (FY2025): $20.3B, stated by Fitch Ratings, Jul 30, 2026 https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 - EBITDA, FY2025 (~10.5% of revenue); Fitch assumes ~$2.5B in 2026 (FY2025): $2.1B, stated by Fitch Ratings, Jul 30, 2026 https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 - Liquidity sources: $2.4B cash + $1.5B floor plan facility due April 2027 + $2.1B available under finance receivable facilities ($3.6B total receivable facilities) — Fitch cites $4.55–4.6B total (as of 2026-03-31): $4.5B, stated by Fitch Ratings, Jul 30, 2026 https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 - Revenue, FY2024 (vs $10.8B FY2023; EBITDA margin 10.6% vs 3.9%) (FY2024): $13.7B, stated by S&P Global Ratings research update, Mar 13, 2025 (S&P-adjusted) https://spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101616201 - S&P Global Ratings-adjusted leverage (includes $2.3B TRA liability recognized Q4 2025); FOCF/debt 13.6%; S&P expects net leverage 2.6x in 2026, 2.3x in 2027 (FY2025 (year-end 2025)): 2.9 ratio (x), stated by S&P Global Ratings, Mar 3, 2026 https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3525089 Credit ratings: - 2025-03-13 S&P Global Ratings upgraded Carvana Co. issuer credit rating to 'B' from 'B-', outlook positive; unsolicited senior secured issue rating raised to 'B' (recovery '4', ~40%); senior unsecured to 'CCC+' (recovery '6', ~0%). S&P-adjusted leverage ~5x in 2024 vs ~17.8x in 2023; liquidity viewed as adequate (cash $1.72B at end-2024; sources at least 8x uses over 12 months). https://spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101616201 - 2025-03-27 Moody's Ratings upgraded Carvana Co. corporate family rating to B3 from Caa1; B3-PD probability of default; senior secured notes to B3, senior unsecured to Caa2; speculative-grade liquidity to SGL-2 from SGL-3; outlook positive. Debt/EBITDA improved to ~4.2x at end-2024 from 18.8x at end-2023; ~$1.7B unrestricted cash at end-2024. https://investing.com/news/stock-market-news/carvanas-corporate-family-rating-upgraded-by-moodys-to-b3-93CH-3954803 - 2025-10-02 Moody's Ratings upgraded Carvana Co. corporate family rating to B2 from B3, outlook positive; senior secured notes to B2, senior unsecured to Caa1. Debt/EBITDA ~3.2x and EBITDA-capex/interest ~2.8x for LTM ended 2025-06-30; ~$1.86B unrestricted cash at 2025-06-30; transitioned to full cash interest in August 2025 after ~$320M PIK (LTM). https://investing.com/news/stock-market-news/moodys-upgrades-carvanas-credit-rating-to-b2-outlook-positive-93CH-4269503 - 2026-03-03 S&P Global Ratings affirmed Carvana Co. 'BB-' issuer credit rating, outlook Positive, and raised the senior secured issue-level rating to 'BB' (recovery '2', ~70%); senior unsecured affirmed at 'B' (recovery '6', ~0%). Affirmation incorporates a $2.3B tax receivable agreement liability recognized Q4 2025; FY2025 sales +48.6%, EBITDA margin 10.6%; ample liquidity with cash modeled above $3B each year. Upgrade possible within 12 months if leverage comfortably below 3x and FOCF/debt above 15%. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3525089 - 2026-07-30 Fitch Ratings assigned Carvana Co. a first-time Long-Term IDR of 'BB-', Outlook Stable; secured notes 'BB+'/RR2, unsecured notes 'BB-'/RR4. EBITDAR leverage 2.4x in 2025 (4.3x in 2024), expected low-2x from 2026; ~$700M annual FCF expected from 2026. Governance assessed 'deficient' (-1 notch): Garcia parties control ~83% of voting rights; DriveTime related-party transactions (ESG score 5). https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 Debt events: - 2023-09-01 Distressed debt exchange closed: 96.41% of noteholders exchanged $5.520B of senior unsecured notes due 2025-2030 for new senior secured notes due 2028-2031 ($981M due Dec 2028, $1,471M due Jun 2030, $1,741M due Jun 2031), secured by substantially all Carvana and ADESA assets. Cut total principal by $1.326B, cut required cash interest by $456M/yr over two years, reduced combined 2025/2027 maturities by 88%; paired with a $350M equity raise and $341M cash to 2025 noteholders. https://investors.carvana.com/~/media/Files/C/Carvana-IR/documents/debt-exchange-summary.pdf - 2024 Redeemed $470M principal of the 2028 senior secured notes; raised $1.3B through prior at-the-market equity facility in 2024 (company retains a $1B ATM facility). https://investing.com/news/stock-market-news/carvana-co-credit-rating-upgraded-at-sp-due-to-improved-performance-93CH-3929628 - 2025-03-17 Securitization issuance: Carvana Auto Receivables Trust 2025-P1 publicly registered asset-backed notes of $602.78M (Class A-1 through D), underwritten by Deutsche Bank Securities; ongoing ABS funding channel (Carvana Receivables Depositor LLC — affiliated securitization entity, not the parent issuer). https://sec.gov/Archives/edgar/data/1770373/000177037325000014/crvna2025-p1xform8xkrepric.htm - 2025-08 Transitioned to fully cash interest payments in August 2025 after ~$450M non-cash PIK interest in FY2024 and ~$320M in the LTM ended 2025-06-30; Moody's expects Carvana to remain free cash flow positive after the switch. https://investing.com/news/stock-market-news/moodys-upgrades-carvanas-credit-rating-to-b2-outlook-positive-93CH-4269503 - 2025 (FY) / 2026-03-03 Reduced reported debt by about $500 million in 2025; recognized a $2.3 billion tax receivable agreement (TRA) liability in Q4 2025, now included in S&P-adjusted debt (adjusted leverage still only 2.9x at year-end 2025). https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3525089 - 2026-08-12 Upsized and priced $1.66B senior secured Term Loan B (one-month Term SOFR + 225 bps, issued at 99.75, maturing seven years after closing); proceeds plus cash to redeem in full the 9.00% senior secured notes due 2030 — the nearest-dated secured maturity — saving ~$45M/yr cash interest; leverage-neutral; net debt/TTM Adjusted EBITDA was 1.0x at Q2 2026. 8-K with the definitive agreement filed 2026-08-14. https://press.carvana.com/carvana-announces-successful-upsize-and-pricing-of-1-66b-senior-secured-term-loan-b-facility - 2026-10-28 With Q3 2026 results, company confirmed the refinancing of $1.7B of senior secured notes due 2030 into the Term Loan B; Q3 net income includes a one-time $53M pretax expense tied to the early redemption; leverage at a record-low 0.8x net debt/TTM Adjusted EBITDA; next significant maturity ~$1.66B Term Loan B / notes due June 2030 per Fitch. https://finance.yahoo.com/markets/stocks/articles/carvana-co-cvna-q3-2026-090838945.html Distress signals: - 2022-05-10 to 2023-01-13 Historical distress: 4,000 jobs cut across tracked rounds — 2,500 (May 10, 2022), 1,500/8% of staff (Nov 18, 2022), further layoffs Jan 13, 2023 'amid slowing sales and debt squeeze' (per TechCrunch/WSJ via SIVL tracker). https://gosivl.com/companies/carvana-layoffs - 2026-04-21 Most recent tracked workforce reduction, affecting Atlanta workers; assessed low severity (per bizjournals.com via SIVL tracker; last verified 2026-04-21). https://gosivl.com/companies/carvana-layoffs - Q3 2026 Margin compression inside record results: Adjusted EBITDA margin fell to 10.0% from 11.3% a year earlier; operations expense +$109/unit (fuel/logistics), advertising +$45/unit, other GPU -$299; ~$200/unit headwind from fuel prices and rising benchmark rates; inventory up ~$1.0B YTD to $3.46B to support 1.5M-unit capacity buildout. https://finance.yahoo.com/markets/stocks/articles/carvana-co-cvna-q3-2026-090838945.html - Q4 2025 S&P noted a year-over-year dip in retail GPU partly attributable to operational challenges and staffing turnover at some reconditioning sites, and that maintaining efficiency will be 'critical and difficult' given the speed of growth. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3525089 - 2026-07-30 Governance/concentration: Fitch assessed governance as 'deficient' (-1 notch) — Garcia parties control ~83% of voting rights via 10-vote Class B shares; related-party transactions with DriveTime and Verde Investments (leases, master dealer agreement, aircraft time-sharing). Historical distress includes the 2023 distressed exchange and deteriorated 2022-2023 ABS vintage loss performance. https://fitchratings.com/research/corporate-finance/fitch-assigns-first-time-idr-of-bb-to-carvana-co-outlook-stable-30-07-2026 - 2026-03-03 Funding-concentration risk: S&P flags that a significant reduction or cessation of loan purchases by major buyers would materially weaken profitability and credit metrics, and that underwriting relaxation in pursuit of growth could raise loan losses and impair the ability to sell loans; mitigation includes three definitive loan purchase agreements totaling $12B capacity secured in 2025 plus the $6B Ally program. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3525089 Payment behaviour: - 2026-10-29 BBB complaint (resolved): a customer selling a vehicle to Carvana reported Carvana 'failed to pay me the money for it. $5498.01 is owed'; Carvana confirmed the amount and said its treasury team was reviewing the check and arranging reissue — an isolated delayed-payment-to-seller data point. https://bbb.org/us/az/tempe/profile/online-car-dealers/carvana-llc-1126-1000037076/complaints - 2025-01-14 Connecticut AG settlement after hundreds of consumer complaints involving delayed payments to sellers and extended title/registration delays: $1M consumer restitution fund plus $500K penalty to the state ($250K suspended if compliant). Carvana cooperated fully. https://wtnh.com/news/connecticut/ag-tong-announces-1-5-million-settlement-with-used-car-dealership-carvana - 3 years to 2026-10-30 5,043 BBB complaints against Carvana LLC in the last 3 years (1,588 in last 12 months), predominantly service/repair issues (3,456); not BBB accredited. Operating subsidiary Carvana LLC, not the listed issuer. https://bbb.org/us/az/tempe/profile/online-car-dealers/carvana-llc-1126-1000037076/complaints - 2025-08 to 2026-11 No missed coupons, defaults or covenant breaches found: Carvana has no financial covenants per S&P; it moved from ~$450M/yr PIK (FY2024) to fully cash interest in August 2025 and remained current, with interest coverage a record 6.9x TTM Adjusted EBITDA/interest at Q3 2026. https://investing.com/news/stock-market-news/moodys-upgrades-carvanas-credit-rating-to-b2-outlook-positive-93CH-4269503 ### Beyond Meat (recorded 2026-11-11) Input: Assess the credit and counterparty risk of Beyond Meat, Inc. Run record: high effort, 7.5 minutes, 24 pages cited. Risk call: elevated Rationale: Beyond Meat is a deeply distressed credit in the aftermath of a distressed exchange, but its 12-month obligation risk has been pushed out by that restructuring. The company exchanged 97.44% of its $1.15B 0% 2027 convertible notes in October 2025 for $209.7M of 7.00% second-lien secured PIK-toggle notes due 2030 plus equity (booked as a troubled debt restructuring with a $548.7M non-cash gain), cutting carrying debt from ~$1.2B to $313.9M as of 2026-09-26 against $169.3M cash. Covenant compliance (including the $15M minimum liquidity covenant) is current, the remaining 2027 maturity is only $14.5M (with a $60M cap on cash repayment and an equity-exchange path already used), and operating cash burn has fallen sharply ($37.3M in 9M 2026 vs $101.2M a year earlier). Against that: revenue is shrinking (-10.4% 9M 2026; Q4 2026 guided $54-59M), Adjusted EBITDA remains deeply negative (-$24.6M in Q3 2026; -$178.4M FY2025), stockholders' equity is negative, gross-margin improvement (19.3% in Q3 2026) is early, impairments recur ($51.3M FY2025, $57.1M Q3 2026), and the company warns it may express substantial doubt about going concern in future statements if it cannot raise capital or refinance. Capital-market access is broken: Form S-3 eligibility and the ATM equity program are lost, a Nasdaq bid-price deficiency was cured only by a 1-for-30 reverse split, the 10-Q/10-K filings have been repeatedly late, material weaknesses in internal control persist (controller terminated December 2025), and vendor payment data showed days-beyond-terms doubled to ~19-20 days versus an industry average of 12 by mid-2025. Counterparties face genuine credit risk concentrated in a 2027-2028 funding cliff rather than a near-term default; the Sonate judgment (reduced ~$23.5M) and litigation accruals add residual claims. On balance: elevated risk of failure to meet obligations in the next 12 months, not yet high, because PIK interest, equitization options and current covenant compliance keep near-term default improbable while leaving little room for another negative surprise. Ownership: Publicly traded common stock on Nasdaq Global Select Market under BYND (Delaware-incorporated; formerly Savage River, Inc.). Equity base was massively rebuilt through distressed financings: the October 2025 debt-for-equity exchange issued ~317 million pre-split shares (97.44% of the $1.15B 0% 2027 convertible notes exchanged, accounted for as a troubled debt restructuring); $100M of secured DDTL loans from Unprocessed Foods, LLC (affiliate of the Ahimsa Foundation) came with warrants (up to 9,558,635 pre-split shares); ~$148.7M of ATM equity was sold in 2025 before S-3 eligibility was lost; a 1-for-30 reverse stock split and authorized-share reduction was effected August 13, 2026 (new CUSIP 08862E307) after a Nasdaq minimum-bid-price deficiency notice on March 4, 2026, with compliance regained August 28, 2026. https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm Financials: - Total net revenues (Q3 2026, down 8.1% YoY) (Q3 2026 (quarter ended 2026-09-26)): $64.5, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Gross profit; gross margin 19.3% (vs 7.4% year-ago; highest in five years) (Q3 2026): $12.4, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Loss from operations (operating margin (144.1)%; includes $57.1M impairment and $20.8M accelerated rent) (Q3 2026): $-93, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Net loss (vs $97.0M net loss year-ago) (Q3 2026): $-82.8, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Adjusted EBITDA loss, (38.1)% of net revenues (vs $33.5M loss year-ago) (Q3 2026): $-24.6, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Cash and cash equivalents including restricted cash (down from $217.5M at start of year) (as of 2026-09-26): $169, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Total outstanding carrying value of debt, net of debt discount (incl. undiscounted future cash flows of 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030) (as of 2026-09-26): $314, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Net cash used in operating activities (vs $101.2M used year-ago); capex $5.5M (nine months ended 2026-09-26): $-37.3, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Total net revenues, down 10.4% YoY (vs $213.9M) (nine months ended 2026-09-26): $192, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - 0% Convertible Senior Notes due 2027 remaining outstanding (mature 2027-03-15), after $15.0M exchanged for ~1.55M shares on 2026-09-23 (as of 2026-09-26): $14.5, stated by Beyond Meat, Inc. Q3 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - Net revenues, down 15.3% YoY (vs $68.7M Q1 2025); volume down 19.5% (Q1 2026 (quarter ended 2026-03-28)): $58.2, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Gross profit (gross margin 3.4%) vs gross loss of $6.9M year-ago (Q1 2026): $2, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Net loss (vs $61.1M net loss year-ago) (Q1 2026): $-28.5, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Adjusted EBITDA loss, (47.7)% of net revenues (vs $50.5M loss year-ago) (Q1 2026): $-27.8, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Cash and cash equivalents including restricted cash (as of 2026-03-28): $206, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Total debt carrying value, net of discount (incl. new 2030 Notes at completion of convertible debt exchange) (as of 2026-03-28): $412, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Net cash used in operating activities (vs $26.1M used year-ago) (Q1 2026): $-5, stated by Beyond Meat, Inc. Q1 2026 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - Net revenues, down 15.6% YoY (vs $326.5M in 2024) (FY2025): $276, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Gross profit (gross margin 2.8%) vs $41.7M (12.8%) in 2024 (FY2025): $7.6, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Loss from operations (operating margin (120.8)%) vs $156.1M loss in 2024 (FY2025): $-332.7, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Net income, including $548.7M non-cash gain on debt restructuring (vs net loss of $160.3M in 2024) (FY2025): $220, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Adjusted EBITDA loss, (64.8)% of net revenues (vs $101.7M loss, (31.1)%, in 2024) (FY2025): $-178.4, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Cash and cash equivalents including restricted cash (as of 2025-12-31): $218, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Total outstanding carrying value of debt, net of debt discount (incl. new 2030 Notes at completion of convertible debt exchange) (as of 2025-12-31): $416, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Net cash used in operating activities (vs $98.8M used in 2024) (FY2025): $-144.9, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Net cash provided by financing activities, incl. $100.0M draws from Delayed Draw Term Loan Facility with Unprocessed Foods, LLC and ~$148.7M net proceeds from ATM common stock sales (FY2025): $223, stated by Beyond Meat, Inc. Q4/FY2025 earnings press release https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - Cash and cash equivalents (and total outstanding debt ~$1.2B) before the debt exchange (as of 2025-06-28): $117, stated by Beyond Meat Q2 2025 results / CFO Lubi Kutua, as reported by AgFunderNews https://agfundernews.com/beyond-meat-brings-in-chief-transformation-officer-cuts-more-staff - Stockholders' deficit (as of 2026-03-28): $-21.1, stated by Beyond Meat Q1 2026 results 8-K/press release (via StockTitan) https://www.stocktitan.net/news/BYND/ - 2030 Notes carrying value, net of debt discount (vs $308.4M at 2025-12-31); reduced by $68.8M principal converted into 1,913,604 Conversion Shares in 9M 2026 (carrying value reduced $109.9M) (as of 2026-09-26): $210, stated by Beyond Meat Q3 2026 Form 10-Q https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - Cash and cash equivalents including restricted cash (Q3 2026 Form 10-Q, consistent with press release) (as of 2026-09-26): $169, stated by Beyond Meat Q3 2026 Form 10-Q https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm Credit ratings: Debt events: - 2021-03 0% Convertible Senior Notes due 2027 (CUSIP 08862EAB5) issued March 2021; $1,150,000,000 principal outstanding by September 2025 https://www.natlawreview.com/press-releases/beyond-meat-launches-exchange-offer-and-consent-solicitation-0-convertible - 2025-05-07 Loan and Security Agreement dated May 7, 2025 with Unprocessed Foods, LLC (affiliate of Ahimsa Foundation) providing up to $100 million senior secured delayed draw term loan facility https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-08 Closed facility providing up to $100 million in new senior secured debt from Unprocessed Foods; Unprocessed Foods receives warrants proportional to amount drawn https://agfundernews.com/beyond-meat-brings-in-chief-transformation-officer-cuts-more-staff - 2025-09-29 Launched exchange offer/consent solicitation for $1.15B 0% Convertible Senior Notes due 2027: holders to receive up to $202.5M of new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 plus up to 326,190,370 shares; TSA signed by ~47% of noteholders; conditioned on 85% participation; intended to eliminate over $800 million of debt https://www.natlawreview.com/press-releases/beyond-meat-launches-exchange-offer-and-consent-solicitation-0-convertible - 2025-10-15 Early settlement of exchange: $1,114,603,000 (96.92%) of Existing Convertible Notes tendered and cancelled; issued $196,217,000 New Convertible Notes plus 316,150,176 shares, plus $12.5M SteerCo Premium notes; total $208,717,000 New Notes (second-lien secured, 7.00% cash or 9.50% PIK, due 2030-10-15) https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-10-15 New-notes indenture covenants: minimum liquidity covenant of $15.0 million tested quarterly; cap of $60.0 million on cash used to repay Existing Convertible Notes at their 2027 maturity; cross-default amendment to Unprocessed Foods loan agreement https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-10-15 Intercreditor Agreement: New Convertible Notes subordinated in payment and liens to Unprocessed Foods, LLC first-lien loan obligations; supplemental indenture eliminated substantially all restrictive covenants of the 2021 indenture https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-10-29 Final settlement (2025-10-30): 97.16% of outstanding principal tendered ($1,114,603,000 early + $2,738,000 at expiration); total $209,176,000 New Convertible Notes issued plus 316,926,786 new shares; $32,659,000 of Existing Convertible Notes remains outstanding https://www.natlawreview.com/press-releases/beyond-meat-announces-final-tender-results-and-early-settlement-0-convertible - 2025-Q4 Convertible debt exchange completed; $548.7 million non-cash gain on debt restructuring recorded in Q4 2025; company states it entered 2026 'with reduced leverage, extended debt maturity and added liquidity' https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - 2026-02/03 $62.6 million additional principal of 2030 Notes converted into common stock after year-end — 52,092,284 Conversion Shares issued plus 3,869,808 anti-dilution RSUs to key employees https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - 2026-09-23 Exchanged $15.0 million principal of 0% Convertible Senior Notes due 2027 for ~1.55 million common shares; $14.5 million of 2027 Notes outstanding as of 2026-09-26, maturing 2027-03-15 https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - 2025-06-26 First draw on Delayed Draw Term Loan Facility: Unprocessed Foods, LLC (affiliate of Ahimsa Foundation) lent $40.0 million for general corporate purposes; facility of up to $100.0 million senior secured (first-priority lien on substantially all assets of company and Beyond Meat BV); interest 12.0% per annum rising to 17.5% if extended past initial maturity; accrued interest PIK; warrants for 3,823,454 shares issued on the draw (pre-split) https://sec.gov/Archives/edgar/data/1655210/000165521025000129/bynd-20250626.htm - 2025-09-18 Further draw under the Loan and Security Agreement recorded as of 2025-09-18; facility was drawn in tranches (2025-05-07, 2025-06-26, 2025-09-18) with an undrawn remainder as of 2025-09-27; $100.0M total drawn by 2025-12-31 https://www.sec.gov/Archives/edgar/data/1655210/000165521025000210/bynd-20250927.htm - 2025-10-30 Exchange Offer completed: tendered 2027 Notes represented 97.44% of outstanding principal (per Q3 2026 10-Q); issued $209,721,000 of 2030 Notes (incl. $12.5M SteerCo Premium) and 10,594,483 New Shares (split-adjusted); accounted for as a troubled debt restructuring (TDR) under ASC 470-60 with $548.7M non-cash gain on debt restructuring; supplemental indenture eliminated substantially all restrictive covenants of the 2027 Notes https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2025-11/2026-01 2030 Notes initial conversion rate set 2025-11-14 at 572.7784 shares per $1,000 (conversion price ~$1.7459, pre-split); First Supplemental Indenture (2026-01-12) added Beyond Meat BV guarantee of the 2030 Notes, secured second-priority on company and BV assets https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-08-10 Second Supplemental Indenture (majority 2030 Noteholder consents): permitted repurchase/exchange of 2027 Notes with cash at no more than principal and/or equity consideration, and extended make-whole period end from 2025-10-15-2028 to 2029-01-15; same-day 8-K also reports entry into the Big Geyser distribution agreement with BG warrants https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-09-23 Exchanged $15.0M principal of 2027 Notes at 96% of face for 1,552,628 shares (split-adjusted); $14.5M of 2027 Notes outstanding at 2026-09-26 ($29.5M at 2025-12-31), maturing 2027-03-15 https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-08-28 Nasdaq confirmed compliance regained with minimum bid price requirement and closed the matter (following 1-for-30 reverse stock split effective 2026-08-13); no assurance of maintaining continued-listing compliance; delisting would trigger a 100% cash repurchase offer for the Notes https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-09-26 Covenant compliance: 'As of September 26, 2026 and December 31, 2025, the Company was in compliance with the covenants of the Loan and Security Agreement' and with the covenants under the 2030 Notes, including the $15.0M quarterly-tested minimum liquidity covenant and the $60.0M cap on cash used to repay the 2027 Notes at maturity https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm Distress signals: - 2025-08-06 Cut 44 employees in North America (~6% of global workforce); hired restructuring expert John Boken (AlixPartners Turnaround and Restructuring Services) as interim chief transformation officer; at least third workforce reduction in three years; withdrew FY2025 outlook citing 'elevated level of uncertainty' https://agfundernews.com/beyond-meat-brings-in-chief-transformation-officer-cuts-more-staff - 2025-08-07 One-time charge of $800,000 to $1.3 million expected from the staff reduction; CEO Ethan Brown 'disappointed with our second quarter results' as U.S. retail revenue fell 26.7% YoY https://www.fooddive.com/news/beyond-meat-to-cut-6-of-workforce-as-plant-based-demand-languishes/757037/ - 2025-10-06 8-K with 'Supplementary Risk Factors' filed — supplementary liquidity/risk disclosures in the run-up to the debt exchange https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-Q4/FY2025 Q4 2025 charges: $48.1M loss on write-down of assets held for sale; $38.9M non-cash litigation-related accrual; $13.3M share-based compensation from the convertible debt exchange; $2.4M inventory obsolescence provision (SKU rationalization); FY2025: $51.3M impairment of long-lived assets; $8.1M legal fees re arbitration with former co-manufacturer https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - 2025-FY2026 Ceased operational activities in China; partial lease termination of portion of El Segundo Campus Headquarters https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - 2026-03-31 10-K delayed: company unable to file FY2025 Form 10-K by deadline; became an untimely filer and lost Form S-3 eligibility for twelve months; second material weakness in internal control over financial reporting (inventory provision accounting) identified as of 2025-12-31; errors in 2025 interim statements deemed immaterial https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 - 2025-2026 QSR customer losses in international foodservice; lapping of lost chicken sales to a QSR customer; higher trade discounts; arbitration with former co-manufacturer https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-first-quarter-2026-financial-results - 2026-09-26 Q3 2026: $57.1M non-cash impairment of long-lived assets (triggering events in quarter); $20.8M accelerated rent from partial lease termination of Campus Headquarters; restructuring/consolidation of production network; U.S. retail revenue down 13.2% on distribution losses of burger and dinner sausage at certain club stores; Q4 2026 revenue guidance $54-59M with 'elevated level of uncertainty and volatility' https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - 2025-10-15 Board upheaval at exchange settlement: Ethan Brown, Nandita Bakhshi and C. James Koch resigned from the Board; Alexandre Zyngier, Mr. Koch and Raphael T. Wallander appointed as directors; 316,150,176 unregistered shares issued — share count roughly quadrupled and existing shareholders diluted ~80% https://www.sec.gov/Archives/edgar/data/1655210/000119312525240364/d60690d8k.htm - 2025-10 Analyst actions after restructuring: TD Cowen cut price target to $0.80 (sell); Mizuho cut to $1.50 (underperform); stock near $1.83, down 52.3% YTD; market cap ~$155 million https://stockstoday.com/beyond-meats-radical-restructuring-sends-shareholders-reeling - 2025-08-22 CreditSafe data reported by Food Dive showed 'days beyond term' on Beyond Meat's bills doubled year-over-year to 19 days — company struggling to pay bills; media reports it could soon run out of money; company said it had 'no plans to file for bankruptcy' (August 2025) https://www.fooddive.com/news/beyond-meat-terminates-controller-identifying-material-weakness-accounting/808444/ - 2025-11-03/12 Delayed Q3 2025 earnings and 10-Q (~1 week) to quantify an expected non-cash impairment; disclosed material weakness in ICFR over non-recurring and complex transactions (compensation, debt, lease and warrant transactions), citing 'inadequate technical resources'; terminated corporate controller/principal accounting officer Yi (Jevy) Luo (last day 2025-12-23), CFO Lubi Kutua assumed principal accounting officer duties; Q3 2025 included $77.4M non-cash impairment of long-lived assets https://www.fooddive.com/news/beyond-meat-terminates-controller-identifying-material-weakness-accounting/808444/ - 2026-03-04 Nasdaq deficiency letter: stock below $1.00/share for 30 consecutive business days; until 2026-08-31 to regain compliance or face delisting (stock 67 cents on 2026-03-25, vs near $200 in July 2019); compliance regained 2026-08-28 after 1-for-30 reverse split https://www.foodprocessing.com/business-of-food-beverage-news/55366452/beyond-meat-finds-an-udderly-different-path/ - 2026-08-13 Effected 1-for-30 reverse stock split (ratio selected by board 2026-08-11 after stockholder approval 2025-11-19) and authorized share reduction to regain Nasdaq minimum bid price compliance; split-adjusted trading began 2026-08-14 https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-11-05/10 Filed NT 10-Q on 2026-11-05 (inability to timely file Q3 2026 Form 10-Q) to finalize a material non-cash impairment charge and address a newly identified weakness in internal controls (material weakness as of quarter-end); Form 10-Q then filed 2026-11-10; company is an accelerated filer that lost Form S-3 eligibility and cannot access its ATM equity program https://www.sec.gov/edgar/browse/?CIK=1655210&owner=exclude - 2026-09-26 Q3 2026 Form 10-Q discloses 'material weaknesses' (plural) in internal control over financial reporting and an error correction (RevisionOfPriorPeriodErrorCorrection) for impairment, inventory valuation and debt issuance costs in FY2025 periods; sublease commencement triggered $29.8M lease impairment (part of the $57.1M Q3 2026 impairment) https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2026-01 Securities class action filed January 2026 against Beyond Meat and senior executives alleging misleading investors during 2025 (class period 2025-02-27 to 2025-11-11) by failing to timely disclose a material asset impairment while publicly emphasizing a path to EBITDA-positive operations by end of 2026 https://www.dandodiary.com/2026/04/articles/securities-litigation/d-and-o-lessons-from-the-beyond-meat-securities-litigation/ - 2026-09-26 Management's going-concern posture (Q3 2026 10-Q): history of net losses and negative operating cash flows; significant near-term obligations (2027 Notes maturing 2027-03-15, minimum liquidity covenants, Campus Lease, Sonate judgment); unable to access ATM Program so ability to raise additional capital is limited; management believes existing cash sufficient for at least 12 months, but states management may express substantial doubt about ability to continue as a going concern in future financial statements if it cannot raise capital or refinance/repay/restructure indebtedness https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm Payment behaviour: - 2025-Q4 to 2026-Q3 Litigation with a former co-manufacturer: $38.9M non-cash litigation-related accrual taken in Q4 2025 and $8.1M legal fees in FY2025; reduced by a $21.8M credit in Q3 2026 reflecting a reduction in the litigation-related accrual https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-third-quarter-2026-financial-results - 2024-2025 Consumer class action ('Beyond Meat protein content') settled for $7.5 million with settlement payments to claimants administered 2025-2026; court-record litigation, consumer-facing rather than supplier trade debt https://www.beyondmeatproteinsettlement.com/ - 2024-09 to 2025-07 Creditsafe trade-payment data: Days Beyond Terms more than doubled over 12 months to 20 days (May 2025) and 19 days (July 2025) vs industry average of 12; 31-60 days overdue bucket jumped to 19.2% in April 2025 vs 8.2% in November 2024; 1-30 days past due rose from 30.97% of outstanding bills (Sept 2024) to 46.6% (Jan 2025) — rising late payments to vendors indicating liquidity pressure https://www.foodinstitute.com/focus/beyond-meat-on-the-verge-of-financial-ruin/ - 2025-2026 Sonate Trademark Infringement Litigation: judgment entered against Beyond Meat; Q3 2026 10-Q lists the judgment among significant near-term obligations; a court later reduced the judgment by approximately $23.5 million (September 2026), reducing future outflows https://www.sec.gov/Archives/edgar/data/1655210/000165521026000079/bynd-20260926.htm - 2025-2026 Litigation accruals and fees to counterparties: $38.9M litigation-related accrual (Q4 2025) and $8.1M FY2025 legal fees in arbitration with a former co-manufacturer; accrual reduced by a $21.8M credit in Q3 2026 https://investors.beyondmeat.com/news-releases/news-release-details/beyond-meatr-reports-fourth-quarter-and-full-year-2025 ### New Fortress Energy (recorded 2026-11-11) Input: Assess the credit and counterparty risk of New Fortress Energy Inc. Run record: high effort, 4.1 minutes, 17 pages cited. Risk call: elevated Rationale: New Fortress Energy spent 2025-2026 in effective default: it blocked/missed the November 17, 2025 interest payment on its 12% senior secured notes due 2029, missed its $30.6 million Term Loan B interest payment due December 10, 2025, told lenders it would not make December 31, 2025 principal payments, was downgraded by S&P to 'SD' then 'D' (March 20, 2026), and disclosed substantial doubt about its ability to continue as a going concern in its Q1 and Q2 2026 10-Qs with $8.9 billion of total debt against negative equity. A consensual UK Restructuring Plan (sanctioned June 18, 2026; chapter 15 recognized June 26, 2026) closed on September 11, 2026, extinguishing ~$5.7 billion of third-party debt, cutting corporate debt to ~$700 million, raising $136.5 million of new financing, and replacing the old capital structure with ~$571.3 million take-back term loans (SOFR+6.125%, 5-year maturity), a $100 million junior facility, a $400 million non-recourse FLNG 2 facility and a $250 million LC facility with no financial covenants maturing March 2028. That deleveraging and creditor-owned capital structure materially lowers near-term payment risk, but the residual 12-month profile still warrants an elevated call: the issuer's last formal S&P rating action is 'D', there is no post-emergence re-rating on record, no post-emergence financial statements exist yet (NT 10-Q for Q3 2026 filed November 10, 2026, past deadline), H1 2026 operating cash flow was negative $278 million, contingent liabilities remain (JPS arbitration accrued as a probable loss, Alunorte arbitration up to BRL 376 million, an undismisse securities class action), and equity holders were diluted ~96% with a 1-for-50 reverse split - evidence that stakeholders just absorbed severe losses. For a supplier or counterparty: diversify exposure, require LC or prepayment terms, and re-evaluate once post-emergence financials and a fresh rating are published. Ownership: NASDAQ-listed (NFE). On the September 11, 2026 restructuring effective date, plan creditors received 65% of the common equity of the restructured 'New NFE' (10,608,922 Class A shares), plus CoreCo Mandatorily Convertible Preferred shares with a $2.45 billion liquidation preference; existing stockholders retained 35% of CoreCo common stock at closing (about 13% fully diluted after preferred conversion). All equity of BrazilCo (the Brazilian business) was transferred to plan creditors. A 1-for-50 reverse stock split was announced September 9, 2026. https://sec.gov/Archives/edgar/data/1749723/000174972326000118/nfe-20260911.htm Financials: - Total revenues (Q1 2026 (three months ended March 31, 2026)): $227, stated by NFE Form 10-Q for Q1 2026 (per StockTitan filing summary) https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - Net loss attributable to stockholders (Q1 2026 (three months ended March 31, 2026)): $-399.9, stated by NFE Form 10-Q for Q1 2026 (per StockTitan filing summary) https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - Cash and restricted cash ($92.4M unrestricted + $97.5M restricted) (as of March 31, 2026): $190, stated by NFE Form 10-Q for Q1 2026 (per StockTitan filing summary) https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - Total debt (outstanding borrowings) (as of March 31, 2026): $8.3K, stated by NFE Form 10-Q for Q1 2026 (per StockTitan filing summary) https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - Stockholders' deficit (as of March 31, 2026): $-55, stated by NFE Form 10-Q for Q1 2026 (per StockTitan filing summary) https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - Total debt (as of June 30, 2026): $8.9K, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Stockholders' equity (negative; book-value insolvency) (as of June 30, 2026): $-432, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Cash and restricted cash (as of June 30, 2026): $500, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Net loss (first half 2026) (six months ended June 30, 2026): $-774, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Operating cash flow (six months ended June 30, 2026): $-278, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Restructuring-related professional and consulting fees (six months ended June 30, 2026): $126, stated by Panabee analysis of NFE Q2 2026 Form 10-Q (filed August 6, 2026) https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - Cash (including about $244 million restricted for Brazil construction and LC/performance-bond collateral) (as of September 30, 2025): $389, stated by S&P Global Ratings (reported by Investing.com) https://za.investing.com/news/stock-market-news/sp-upgrades-new-fortress-energy-to-ccc-amid-restructuring-talks-93CH-4002199 - Other outstanding debt that would become payable on demand if 2029 noteholders accelerated (as of November 2025): $6.6K, stated by S&P Global Ratings (reported by Investing.com) https://za.investing.com/news/stock-market-news/sp-upgrades-new-fortress-energy-to-ccc-amid-restructuring-talks-93CH-4002199 - Revenues (Q1 2025 (three months ended March 31, 2025)): $471, stated by New Fortress Energy press release (preliminary results) https://nasdaq.com/press-release/new-fortress-energy-completes-sale-jamaica-assets-operations-excelerate-energy-and - Net loss attributable to common stockholders (Q1 2025 (three months ended March 31, 2025)): $-200.1, stated by New Fortress Energy press release (preliminary results) https://nasdaq.com/press-release/new-fortress-energy-completes-sale-jamaica-assets-operations-excelerate-energy-and - Adjusted EBITDA (Q1 2025 (three months ended March 31, 2025)): $82.3, stated by New Fortress Energy press release (preliminary results) https://nasdaq.com/press-release/new-fortress-energy-completes-sale-jamaica-assets-operations-excelerate-energy-and - Total cash balance ($448 million unrestricted) (as of March 31, 2025): $827, stated by New Fortress Energy press release (preliminary results) https://nasdaq.com/press-release/new-fortress-energy-completes-sale-jamaica-assets-operations-excelerate-energy-and - Total corporate debt after restructuring (reduced from approximately $5.7 billion) (as of September 11, 2026): $700, stated by New Fortress Energy press release, CEO Wes Edens https://ir.newfortressenergy.com/news-releases/news-release-details/new-fortress-energy-inc-successfully-completes-restructuring-and - New financing raised at restructuring effective date ($36.5M senior secured term loans + $100M junior term loans) (September 11, 2026): $137, stated by New Fortress Energy press release; Form 8-K https://ir.newfortressenergy.com/news-releases/news-release-details/new-fortress-energy-inc-successfully-completes-restructuring-and Credit ratings: - 2025-02-06 S&P downgraded NFE's issuer credit rating to 'B' from 'B+' on weak liquidity and high leverage; outlook negative. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3480828 - 2025-11-18 S&P downgraded NFE's issuer credit rating to 'SD' (selective default) from 'CCC' after NFE entered a forbearance agreement with holders of its 12% senior secured notes due 2029 following failure to make the scheduled November 17, 2025 interest payment; the 2029 notes issue-level rating lowered to 'D' from 'CCC-'. https://spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101658094 - 2025-11-25 S&P placed NFE's ratings on CreditWatch with negative implications, saying a conventional payment default or debt restructuring appears 'inevitable' within six months. https://za.investing.com/news/stock-market-news/sp-upgrades-new-fortress-energy-to-ccc-amid-restructuring-talks-93CH-4002199 - 2025-11-26 S&P upgraded NFE to 'CCC-' from 'SD' after the forbearance agreement extended the interest payment due date to December 15, 2025; senior secured term loan B lowered to 'CCC-' from 'CCC' (recovery '3', 50%-70%); legacy senior secured notes due 2026 and 2029 lowered to 'CC' from 'CCC-' (recovery '5', 10%-30%). https://za.investing.com/news/stock-market-news/sp-upgrades-new-fortress-energy-to-ccc-amid-restructuring-talks-93CH-4002199 - 2025-12-23 S&P downgraded NFE to 'SD' from 'CCC-' after the missed $30.6 million Term Loan B interest payment and forbearance extension; term loan B issue-level rating lowered to 'D' (recovery '3'); liquidity assessment revised to weak from less than adequate; S&P said the outcome of negotiations was highly likely to constitute a conventional or selective default. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3498120 - 2026-03-20 S&P lowered NFE's issuer credit rating to 'D' from 'SD' following the March 17, 2026 restructuring support agreement under a UK Restructuring Plan, viewing the transaction as tantamount to a default; legacy senior secured notes due 2026 and 2029 lowered to 'D' from 'CC'; the plan was to reduce corporate debt to about $528 million from $5.7 billion with $2.5 billion of preferred equity and 65% of common equity issued to creditors. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3534173 Debt events: - 2025-05-14 Completed sale of Jamaica assets and operations (Montego Bay and Old Harbour LNG terminals, Clarendon CHP plant) to Excelerate Energy for $1.055 billion; proceeds committed to pay down $270 million of the Revolving Credit Facility and $55 million of the Term Loan A facility, remainder to balance-sheet cash. https://nasdaq.com/press-release/new-fortress-energy-completes-sale-jamaica-assets-operations-excelerate-energy-and - 2025-11-14 Eleventh Amendment to the Letter of Credit and Reimbursement Agreement (Natixis, NY Branch): LC facility maturity extended to March 31, 2026; covenant holiday on first lien debt ratio and fixed charge coverage ratio covenants for Q3 and Q4 2025; quarterly minimum liquidity requirement removed; dividends/distributions flexibility removed; payments on certain debt restricted, including the November 17, 2025 interest payment on the New 2029 Notes. https://sec.gov/Archives/edgar/data/1749723/000174972325000145/nfe-20251114.htm - 2025-11-17 Forbearance and Waiver Agreement between NFE Financing LLC and holders of the New 2029 Notes after the scheduled November 17, 2025 interest payment was not made; due date effectively extended 30 days to December 15, 2025; breach would trigger an event of default under the LC Agreement allowing cash collateralization of all letters of credit and acceleration of substantially all debt. https://sec.gov/Archives/edgar/data/1749723/000174972325000145/nfe-20251114.htm - 2025-11-20 Sixth Amendment to the Term Loan A Credit Agreement (dated July 19, 2024; Morgan Stanley Senior Funding as agent) providing covenant relief; its condition precedent required concurrent amendments to the Revolving Credit Agreement and LC Facility with covenant relief at least as favorable. https://sec.gov/Archives/edgar/data/1749723/000174972326000032/a05nfe-tlasixthamendment.htm - 2025-12-10 NFE did not make its $30.6 million scheduled Term Loan B interest payment. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3498120 - 2025-12-17 NFE entered a forbearance agreement with Term Loan B lenders (loans due October 30, 2028) after the missed payment and told lenders it does not intend to make certain principal payments due December 31, 2025; forbearance with New 2029 noteholders extended to January 9, 2026. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3498120 - 2026-03-17 Restructuring Support Agreement entered with lenders and noteholders representing over 97% of roughly $5.8 billion of indebtedness: separation into CoreCo and BrazilCo, debt exchanged into new CoreCo term loans, BrazilCo equity, non-recourse FLNG 2 instruments and $2.46 billion liquidation-preference convertible preferred; existing shares to 35% at closing and ~13% fully diluted. https://sec.gov/Archives/edgar/data/1749723/000174972326000118/nfe-20260911.htm - 2026-06-18 English High Court sanctioned two interconnected Part 26A restructuring plans eliminating approximately US$9.6 billion of debt, converting substantial funded debt into equity, issuing approximately US$970 million of new debt, and reorganizing into separate Brazilian and non-Brazilian businesses. https://squirepattonboggs.com/media/1rqiwj5i/new-fortress-energy-restructuring.pdf - 2026-06-26 US Bankruptcy Court for the Southern District of New York confirmed recognition (chapter 15) of the UK Restructuring Plan. https://ir.newfortressenergy.com/news-releases/news-release-details/new-fortress-energy-inc-successfully-completes-restructuring-and - 2026-08-06 Q2 2026 10-Q disclosed defaults across major debt facilities (2026 Notes, 2029 Notes, Term Loan A, Term Loan B, Revolving Facility) and a going-concern qualification; RSA required a $100 million Minimum Liquidity Threshold. https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - 2026-09-09 Announced 1-for-50 reverse stock split. https://stocktitan.net/sec-filings/NFE/8-k-new-fortress-energy-inc-reports-material-event-ba7f8c9b6175.html - 2026-09-11 Restructuring Effective Date: ~$5.7 billion of third-party debt extinguished; corporate debt reduced from ~$5.7 billion to ~$700 million; plan creditors received all BrazilCo equity, $2.45 billion liquidation-preference preferred, 65% of common equity and ~$571.3 million of take-back term loans; new CoreCo senior term loans at SOFR+6.125% (5-year maturity), junior facility at SOFR+8.125%, $400 million non-recourse FLNG 2 term loans (SOFR+3.00% PIK, 3-year) plus $200 million FLNG 2 preferred, and an amended $250 million LC facility maturing March 15, 2028 with no financial covenants; $136.5 million new financing funded. https://ir.newfortressenergy.com/news-releases/news-release-details/new-fortress-energy-inc-successfully-completes-restructuring-and - 2026-11-10 NT 10-Q filed: Q3 2026 Form 10-Q not filed on time - the first reporting period after the restructuring emergence. https://stocktitan.net/sec-filings/NFE/8-k-new-fortress-energy-inc-reports-material-event-ba7f8c9b6175.html Distress signals: - 2025 to 2026 Severe financial distress following substantial cost overruns and delays across major infrastructure projects; liquidity pressures intensified; market capitalization declined approximately 91% over a 12-month period. https://squirepattonboggs.com/media/1rqiwj5i/new-fortress-energy-restructuring.pdf - 2026-05-13 Q1 2026 Form 10-Q (filed with SEC May 13, 2026): management stated 'substantial doubt as to the Company's ability to continue as a going concern'; multiple debt facilities and notes in payment default, significant interest payments missed, major instruments classified as current liabilities; failure of the restructuring would likely force more severe in-court proceedings with risk of no recovery to stockholders. https://stocktitan.net/sec-filings/NFE/10-q-new-fortress-energy-inc-quarterly-earnings-report-f8a7bcdb8980.html - 2026-08-06 Q2 2026 Form 10-Q: going-concern doubt persisted with $8.9 billion total debt against negative equity of $432 million (book-value insolvency); H1 2026 net loss of $774 million and negative operating cash flow of $278 million; restructuring professional/consulting fees of $126 million for the half. https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - 2026-02-19 Securities fraud class action (filed September 17, 2024; Rule 10b-5; class period September 20, 2022 - August 8, 2024) still in litigation; motion to dismiss denied February 19, 2026; total settlements to date $0. https://zlk.com/tickers/nfe/litigation - 2026 (2025 loss year) Auditor's going-concern warning after a large 2025 loss drew investor attention (Yahoo Finance/Simply Wall St coverage headline). https://finance.yahoo.com/quote/NFE/news - 2026-09-11 Existing common stockholders were diluted to 35% of CoreCo common equity at closing and approximately 13% fully diluted after conversion of the $2.45 billion liquidation-preference convertible preferred; a 1-for-50 reverse stock split followed - severe value transfer to creditors. https://sec.gov/Archives/edgar/data/1749723/000174972326000118/nfe-20260911.htm - 2026-11-10 NT 10-Q filed November 10, 2026 - the Q3 2026 Form 10-Q (first post-emergence report) was not filed on time. https://stocktitan.net/sec-filings/NFE/8-k-new-fortress-energy-inc-reports-material-event-ba7f8c9b6175.html Payment behaviour: - 2025-11-17 Failed to make the scheduled interest payment on its 12% senior secured notes due 2029 (issued by NFE Financing LLC); the LC facility amendment restricted the payment and a 30-day forbearance extended the due date to December 15, 2025; S&P characterized this as a selective default. https://spglobal.com/ratings/en/regulatory/article/-/view/sourceId/101658094 - 2025-12-10 Did not make its $30.6 million scheduled Term Loan B interest payment; subsequently told lenders it did not intend to make certain principal payments due December 31, 2025. https://spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3498120 - 2024-2026 Jamaica Public Service (JPS) arbitration over a fuel-supply dispute worth a combined US$40 million: JPS claims US$32.9 million for the cost of alternative fuel after infrastructure changes at the Port of Montego Bay disrupted deliveries from NFE's Montego Bay LNG terminal in 2024; NFE asserted force majeure and filed a US$7.2 million counterclaim; per NFE's SEC quarterly filing it 'has accrued for the probable loss as of June 30' 2026 (arbitration commenced Q1 2026). https://jamaica-gleaner.com/article/business/20260814/jps-claims-us33-million-nfe-gas-supplier-counters-us72-million-claim - 2026-08-06 Contingent counterparty claims disclosed in the Q2 2026 10-Q: potential Brazil penalties for PortoCem transmission relocation of BRL 51.5 million and arbitration claims from Alunorte of up to BRL 376 million. https://panabee.com/news/new-fortress-energy-earnings-q2-2026-report - 2026-08-14 Counterparty confirmation: JPS's annual report reported US$27.1 million in 'other receivables' recoverable from a key fuel supplier that disputes the recovery claim (supplier not named in the report). https://jamaica-gleaner.com/article/business/20260814/jps-claims-us33-million-nfe-gas-supplier-counters-us72-million-claim ## 6. Questions ### What is an AI credit risk agent? A research agent that assesses a company's ability to meet its obligations from public evidence. Nimble's agent collects financials from filings and annual reports, rating actions from S&P, Moody's, Fitch and others, debt events such as refinancings, covenant amendments and defaults, payment issues such as liens and judgments, and distress signals such as layoffs, auditor changes or going-concern language, then makes a low, moderate, elevated or high risk call. ### What does the risk call mean? Low, moderate, elevated and high describe the likelihood the company cannot meet its obligations in the next 12 months. The call has to follow from the items the agent cited, and the rationale says which ones drove it. ### Can it assess private companies? Yes, with what is public: filed accounts in registries such as UK Companies House and EU registers, statements by the company or the press (labelled with who said it), court and lien records, and news. Figures from a parent or subsidiary are not used as the company’s own. ### Can I run credit risk assessment from Claude, ChatGPT or my own agent? Yes. Paste this prompt into Claude, ChatGPT, Codex, Cursor or Grok: "Be my credit research assistant using Nimble. Follow https://docs.nimbleway.com/skills/credit-risk/SKILL.md." The skill asks what you need, connects Nimble if it isn't connected yet, and runs the agent. Developers can call the same ready-made agent by its ID from the API, the Python or TypeScript SDK, or from Mastra, LangChain, the Vercel AI SDK and LlamaIndex. ## 7. Skill The skill the prompt points to, as published at https://docs.nimbleway.com/skills/credit-risk/SKILL.md (copied 2026-11-11). ### Credit risk Builds a dated, sourced credit picture of a company: financials, ratings, debt events, payment behaviour, distress signals and ownership, with a risk call and its reasons. #### What the user gets Financials with periods, ratings, debt events, payment behaviour, distress signals, ownership, and a risk call (low, moderate, elevated or high) with the reasons behind it. #### Agent template This skill runs the Nimble gallery template `credit-risk`. The agent's instructions, sources and output schema live in the template. Do not rewrite them in the run. Effort: this skill runs the template at medium effort (about 1-3 minutes), even when the template's default effort is different. That is on purpose. If the user asks for a specific effort (low, medium, high or x-high), run that one instead. #### Flow 1. Interview the user. 2. Connect Nimble if it is not connected already. 3. Run the agent and show the result. 4. Offer next steps. Ask every question with the host's question UI, never as plain text: `AskUserQuestion` in Claude Code, ChatGPT's interactive question form (clickable choices and a Submit button) in ChatGPT. ##### Get the inputs | Input | Required | Ask for | If skipped | | - | - | - | - | | Company | yes | The exact legal entity if it is a subsidiary, with a domain or ticker | - | | Purpose | no | Lending, trade credit or a supplier check. It sets what the reasons stress | general credit view | | Country of registration | no | For a private company, where it is registered. Its filings come from that registry | country not specified | * Skip anything the user already said in this conversation or in their request, and ask only for what is missing. Do not fill in answers from earlier conversations, with one exception: a stable fact about the user, such as what they sell, may be offered as the first option, labeled "(from before)". Never carry over the subject of the request, dates or rules from an earlier conversation. * Ask the required inputs first, in table order, one question at a time. Then ask the optional ones together, in one question-tool call, as many as the tool takes per call (a second call for the rest). * Put the whole question in the question tool, once. Never restate or introduce a question in text. Between questions, acknowledge the answer in a few words, and before the first question, at most one short sentence that acknowledges your role (the user's, if they named one), such as "Sure, I'll use Nimble to be your credit research assistant." Talk in plain, friendly words: never say "input", "required" or "optional", and use no field names. Use plain text only if the host has no question tool, in one short line. * Write 2-3 likely answers as options, based on what the user has already said. Fixed examples in the table are a guide to what the answer contains, not a list to copy. Offer only answers Nimble can act on with public web data, never ones that need the user's own data, such as their customers or CRM. * If you cannot guess likely answers, such as a company name or an industry, still use the tool and offer two or three examples as options, written as answers the user could really give. If the user picks one, use it as their answer. * Every question must let the user type their own answer, optional ones too. Claude's question UI adds its own free-text choice ("Something else" in Claude, "Other" in Claude Code), so add none there. ChatGPT's form does not, so add "Other" as the last option of every question, even one whose options look complete, opening a text field with a placeholder. In any other host, add "Other" unless you know its UI already has a free-text choice. Keep Skip and Other, when you add them, even if you must drop an answer to fit the option limit. * Use single-select only. For a range, such as a size or a date, offer a few options that do not overlap. * Optional questions can be skipped, and a skipped answer uses the "If skipped" value. Claude's question UI has its own Skip button, so add no Skip option there. In other hosts, include a Skip option that states the default in its label, for example "Skip (any location)", not in the question. When you acknowledge a skipped question, say the default you will use, for example "Any location.", not that it was skipped. Do not offer a "skip all" option. If the user asks to skip the remaining questions, use the "If skipped" values for all of them. * Do not ask about effort. Build the agent input from this pattern: ``` Assess the credit and counterparty risk of (). Purpose: . Registered in . ``` Example: `Assess the credit and counterparty risk of Rite Aid Corporation` * One company at a time. If the user names several, run the first and offer the rest next. * For a subsidiary, name the exact legal entity. The agent will not use the parent's numbers. * Leave out any part of the pattern the user skipped: leaving it out is the default. ##### Connect Nimble Do this after the interview. Until the questions are done, say nothing about connecting Nimble. Check the connection. If a Nimble tool is listed in this session, call `nimble_agents_list`. If the CLI is available, run `nimble --client-source nimble-agent-skills agents list`. A normal response from either, even an empty list, means the user is connected: say nothing and go on. If neither check succeeds (no tool is listed and the CLI is missing or fails, or a check returns an auth error or an authorization link), connect it in these steps. Your message is only these steps: no summary of what the user told you, no mention of the skill, the template or the workflow, and no plan for what happens after connecting (that belongs in the run notice). 1. Tell the user, in two short sentences at most: "Nimble searches the live web and links where every answer came from. Connecting takes one approval, and if you're new to Nimble you start with a free trial." 2. Connect it in the first of these ways that works, and stop at the first one that does: * Show the host's card to connect or install Nimble from nimbleway.com: the Connect card for the connector in Claude, the install card for the plugin in ChatGPT. * If you can't show a card and a check returned an authorization link, show that link to the user. * If you can do neither but can run commands, follow [https://docs.nimbleway.com/agent-onboarding.md](https://docs.nimbleway.com/agent-onboarding.md) and involve the user only for the sign-up and the approval. With only the CLI and no `NIMBLE_API_KEY`, an approval is not enough: follow the page's API key fallback and have the user set the key in their environment, never in the chat. That page is written for you: never link it or its steps to the user. * If none of these works, tell the user how to find Nimble in this app, with the clicks: in ChatGPT, open Plugins in the sidebar, search for Nimble, pick the one described as "Expert web search for agents" and install it; in Claude, open Customize, then Connectors, then Nimble, then Connect. Never send the user to nimbleway.com for this. 3. Ask with the question tool, with the options "I've connected Nimble" and "Not now". If the host has no question tool, end the message by asking them to reply "connected", and add nothing after that. Never ask the user to paste an API key into the chat. When they confirm, check the connection again and go on without comment. If it is still not connected, say so in one line and ask again. If they pick "Not now", say the skill needs Nimble and stop. Show no research until Nimble is connected, not from your own search and not from memory. ##### Run the agent Do not comment on the connection check or on creating or reusing the agent. The first thing the user hears is step 2. 1. Create the agent from the template: `nimble_agents_create(template="credit-risk", agent_name="credit-risk")`. A 409 "already exists" means it was created before, so go on. If the template is not found, tell the user it is unavailable and stop. Do not substitute another template. 2. Tell the user once, in one line, what you are researching and how long it takes at the effort you will use: "Researching \. Expected to take \