Prospect News reports two new defaults for week of Nov. 5-Nov. 11

By Sarah Lizee

Olympia, Wash., Nov. 13 – Prospect News reported two new defaults for the week of Nov. 5 through Nov. 11.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Cred Inc. and YouFit Health Clubs, LLC.

Prospect News also reported on Astaldi SpA’s composition proposal in relation to its €750 million 7 1/8% senior notes due 2020 and €140 million 4 7/8% equity-linked notes due June 21, 2024, but this company had previously defaulted on Sept. 28, 2018 when it filed for creditor protection as a going concern under Italian insolvency law.

So far in 2020, Prospect News has reported 278 defaults, including 199 Chapter 11 bankruptcy filings, 29 missed interest payments, 12 Chapter 15 bankruptcy filings, six each of missed principal payments and CCAA filings, four each of Chapter 7 filings and missed payments, three each of missed interest and principal payments and defaults, two each of administrations, CBCA filings and scheme of arrangement proceedings and one each of restructurings, reorganizations, appointments of receivers and Danish Section 11b filings.

The two companies that filed Chapter 11 bankruptcy this week listed over $100 million in assets and over $200 million in debt.

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