Prospect News reports four new defaults for July 30 to Aug. 5, S&P one

By Caroline Salls

Pittsburgh, Aug. 7 – Prospect News reported four new defaults for the period of July 30 through Aug. 5.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Coyne International Enterprises Corp., Alpha Natural Resources, Inc. and Relativity Media, LLC, as well as a Puerto Rico Public Finance Corp. missed interest payment.

In addition, Prospect News reported Afren plc’s administration. However, Afren previously defaulted in connection with a Chapter 15 bankruptcy filing and missed interest payments.

Prospect News has reported 107 defaults so far in 2015, including 51 Chapter 11 bankruptcy filings, 15 missed interest payments, 10 Companies’ Creditors Arrangement Act filings, seven distressed exchanges, five Chapter 15 bankruptcy filings, four bankruptcy filings, two each of reorganizations and missed principal payments and one each of Chapter 7 bankruptcy filings, administrations, arrangements of debt, judicial recovery requests, missed interest payments paid within the grace period, missed principal and interest payments, missed payments, defaults, insolvencies, schemes of arrangement and moratoriums.

Meanwhile, Standard & Poor’s reported one new default for the week, bringing its year-to-date global corporate default tally to 65.

Specifically, S&P said it lowered its corporate credit rating on Alpha Natural Resources to D from CCC+ after the company’s bankruptcy filing.

So far in 2015, S&P said 21 of the 65 defaults resulted from missed interest or principal payments, 17 from distressed exchanges, 12 from bankruptcy filings, seven from regulatory intervention and one each from judicial reorganization and a de facto debt-for-equity swap. The remaining six are confidential defaults.

Of the 65 defaulted issuers so far this year, the ratings agency said 35 entities are based in the United States, 14 in the emerging markets, 12 in Europe and four in other developed nations, including Australia, Canada, Japan and New Zealand.

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