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Fortrex Restructures Amid Debt Crisis and Missed Payments

11/5/2025

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Summary

Story summary

Fortrex, the Blackstone Inc.-backed food sanitation company, reached a restructuring.
Lenders hold 90% of the term loan debt.
Fortrex missed an interest payment on October 31 and remains under forbearance through December 31.
Creditors can choose between 22.5 cents on the dollar or equity in the reorganized company.
First-lien term loan, $1.1 billion, is valued at 33.4 cents on the dollar, down from nearly 60 cents earlier this year.

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Story summary

Fortrex, the Blackstone Inc.-backed food sanitation company, reached a restructuring.
Lenders hold 90% of the term loan debt.
Fortrex missed an interest payment on October 31 and remains under forbearance through December 31.
Creditors can choose between 22.5 cents on the dollar or equity in the reorganized company.
First-lien term loan, $1.1 billion, is valued at 33.4 cents on the dollar, down from nearly 60 cents earlier this year.