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Southern Calif. Startup with $160M of Debt Goes Belly Up

A Southern California company with $157 million of municipal bonds and once hailed as a model of cutting-edge technology is in liquidation. Enertech Environmental Inc. is in the process of being liquidated, said Geoffrey Berman, a vice president at Development Specialists Inc., a restructuring firm.

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Comments (4)
S&P report dated 7/17/2007 rates EnerTech Environmental California LLC's $130.125 million senior tax-exempt revenue bonds Series 2007A and its $9.005 million senior taxable revenue bonds Series 2007B BBB with a stable outlook.
Posted by khessing@wellscap.com | Tuesday, October 16 2012 at 11:55AM ET
S&P report dated 7/17/2007 rates EnerTech Environmental California LLC's $130.125 million senior tax-exempt revenue bonds Series 2007A and its $9.005 million senior taxable revenue bonds Series 2007B BBB with a stable outlook.
Posted by khessing@wellscap.com | Tuesday, October 16 2012 at 11:55AM ET
On July 16,2007, S&P rated the senior bonds and the small taxable piece "BB".

After it used its reserves to make the June 2010 debt service payment, it was disclosed.

Was the rating changed immediately after that event (date of change)? and what was that rating?
Posted by aross | Tuesday, October 16 2012 at 10:51AM ET
Does anyone know what they were rated when these bonds were first issued?
Posted by nanderson | Tuesday, October 16 2012 at 9:18AM ET
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