Certain creditors of Alkegen have formalized a cooperation agreement, according to sources. The company, formerly known as Unifrax, held its first quarter conference call 3 June in which the company gave no update to its 2024 outlook, sources said.

The secured and unsecured bonds are now quoted to distinguish the non-coop paper, according to quotes from trading desks.

What’s more, the company’s secured bonds and loans are quoted at more than a 40-point difference, with the secured bonds nearly pari with the unsecured bonds, given the expectation that the Clearlake-backed concern will structure any liability management solution around the bonds, sources told 9fin.