Sorenson Communications Inc. hasn't exited chapter 11 protection yet, but already a ratings agency is saying that further restructuring is highly likely, Dow Jones Daily Bankruptcy Review reported today. "We do not believe that the company is going to be able to earn its way into the amount of debt it has," Moody's analyst Edmond DeForest said on Monday. "In the medium to long term another restructuring — and perhaps another chapter 11 filing — is likely." The communication-services provider for those who are deaf or hearing-impaired received bankruptcy court approval of its restructuring plan in April and said it expects to implement the plan and exit chapter 11 protection in May. The plan shifts the ownership of the company to senior bondholders, but doesn't actually reduce the company's debt load, which DeForest pointed out, is one of the reasons Sorenson filed for bankruptcy.
