The company’s $1.4bn term loan is being quoted in a 74-76 context in what sources say is a real market down three points compared with quotes before the company reported its second quarter results this week.

The company reported revenue of $475m for the second quarter ended 30 June, down 11% compared with the same period year prior, and adjusted EBITDA of $65m, a 22% drop over that time, according to sources. Cash at the end of the quarter came to just $80,000, according to a source, leaving the company reliant on its revolving credit facility, on which it was not clear how much was still available.

Lenders to the company had discussed organizing last year, according to a source, but the loan rallied through the end of the year, before a string of poor results, closures and management changes.

Platinum and Cabinetworks did not respond to requests for comment by press time.

The company replaced its former CEO John Barkhouse with Jeff Jackson in June of this year, according to a company announcement. Then the company announced 23 July it had created a new chief revenue officer role, hiring Todd Antonelli, and then hired Mike Wothe as its new COO effective 29 July. The previous COO Chris Winans’ LinkedIn says he was only full-time through March of last year, and has been retired since. This summer, the company also announced it would close its manufacturing facilities in Marshall and Jefferson, Texas, bringing its facility count down to 16.

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