January 16, 2017

2009 Top 150 Public Companies

Public Companies in Deep Debt

Barbara Miracle | 6/1/2009
As the economic downturn has deepened, many companies among the Florida Trend 350 find themselves dealing with both pressure on their revenues and big carrying charges on their debt. Some have landed among 283 companies that Moody’s Investors — a credit ratings, research and risk analysis service — cites as debt-troubled. The companies on Moody’s “bottom rung” list haven’t defaulted and many won’t — the list just identifies those most likely to default.

Following is a rundown of Florida public companies on Moody’s list for the first quarter. Included is information from the companies’ own reports on some of the circumstances that have contributed to their difficulties.

AirTran Holdings (No. 24) Orlando
Air Tran
While lower costs from fleet and route adjustments allowed Orlando-based AirTran to post a record first-quarter profit, its revenue was down 9.1% from the year-earlier period. As of the end of March, the company’s long-term debt totaled nearly $1 billion, of which $798.1 million was related to aircraft. The company says it believes that its liquidity and cash flows will be sufficient to fund operations and financial obligations through the end of 2009.

Quality Distribution (No. 52) Tampa

truckingThe transporter of bulk chemical products and tank cleaning operation is a subsidiary of Quality Distribution Inc. (QDI), formed in 1994 as MTL Inc. QDI’s 2008 revenue was $815.3 million, up $63.7 million, or 8.5%, from 2007 primarily because of an acquisition. The total number of miles driven fell by 11.5%. QDI reported $362.6 million in long-term and current debt at the end of 2008.

Bluegreen Corp. (No. 55) Boca Raton

resortsAs of December, approximately 5.7% of Bluegreen’s vacation ownership receivables and 10.7% of residential land receivables were at least 30 days past due. The company, which develops vacation ownership resorts and residential communities, has about $100 million of debt due in 2009.

Tags: Banking & Finance

Digital Access

Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

An overview of the features and articles in this month's issue of Florida Trend.


Florida Business News

Florida Trend Video Pick

Dogs once headed for slaughter in South Korea now bound for adoption in Tampa
Dogs once headed for slaughter in South Korea now bound for adoption in Tampa

In the Korean language, it’s called “gaegogi.” Dog meat, taken from animals raised and slaughtered for food. Fourteen dogs once destined for that fate will soon be headed to Tampa to find new homes.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you agree that ending the "wet foot, dry foot" immigration policy for Cubans is the right thing to do?

  • No
  • Yes
  • Unsure

See Results

Ballot Box