div > div.group > p:first-child"> Last month, the company wrote down $15.4 billion on its namesake Kraft and Oscar Mayer brands, slashed its dividend and disclosed a subpoena from the SEC. Since that announcement, shares of Kraft Heinz have dropped more than 33 percent.
Executives told investors when they were delivering the bad news that the company is planning to use divestitures to pay down its debt. CNBC has previously reported that it is weighing sales of its Maxwell House coffee brand and its dairy business. The following week, it announced that it would not be able to meet the SEC deadline to file its annual report for fiscal 2018. The SEC granted Kraft Heinz a 15-day extension to file the report, but the company missed the extended deadline Thursday.
The rating agency could lower or affirm its ratings for Kraft Heinz, including its BBB long-term issuer credit rating and A-2 short-term issuer credit rating, after it concludes a review. S&P said that it plans to resolve the CreditWatch after analyzing the annual report once it is filed, in addition to its filing for the first quarter of fiscal 2019.
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Kraft Heinz weighs sale of its Breakstone's sour cream and cottage cheese businessKraft Heinz has hired Royal Bank of Canada to review options for its Breakstone's sour cream and cottage cheese business, which could include a sale, people familiar with the situation tell CNBC. (Sour cream cottage cheese John Kerry) x a bazillion so one of the other 9 companies that control the consumer goods market will buy it. big difference. I guess there wasn’t enough mooooovement in the brand. And are looking for greener pastures.
Source: CNBC - 🏆 12. / 72 Read more »
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