(Bloomberg) -- Dodge Construction Network and its lenders have ended confidential discussions on how to tackle the company’s debt without a deal, according to people familiar with the situation.
Some creditors entered into non-disclosure agreements with Dodge aimed at restructuring debt and providing fresh liquidity, said some of the people, who asked not to be identified discussing a private matter. But the two sides couldn’t reach a deal and the private talks have ended, they added.
A proposal called for below-par exchanges to help reduce some of Dodge’s $600 million in debt liabilities, Bloomberg reported in July.
Dodge is a data platform provider that focuses on the commercial construction sector. Clearlake Capital Group provided an equity investment in 2022, making it an equal partner with Symphony Technology Group.
Messages left with Dodge and STG were not returned Wednesday while a Clearlake representative declined to comment.
Moody’s Ratings downgraded Dodge to Caa2 from B3 in May, citing its weakened performance, highly indebted balance sheet and thin liquidity. S&P Global Ratings issued its own cut two weeks earlier.
Its first-lien loan due in 2029 was quoted at 74 cents Wednesday, according to data compiled by Bloomberg, down from 83 cents in April.
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