Prospect News reports one new default for March 2-March 8

By Sarah Lizee

Olympia, Wash., March 10 – Prospect News reported one new default for March 2 through March 8.

The default came from Magna Gold Corp., which filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). Its indirect subsidiary, Molimentales del Noroeste SA de CV, filed an application for restructuring and provisional creditor protection before the Second District Court for Insolvency Matters in Mexico City under the Mercantile Insolvency Act.

Prospect News also reported missed principal and interest payments made by Zhenro Properties Group Ltd., but the company had previously defaulted several times. Additionally, Prospect News reported a judicial reorganization by Oi SA, which had defaulted in 2016 with its first judicial reorganization and a Chapter 15 filing.

So far in 2023, Prospect News has reported 51 defaults, including 33 Chapter 11 filings, six each of missed interest payments and missed principal and interest payments, and one each of CCAA filings, notices of intention under the Bankruptcy and Insolvency Act (Canada), Chapter 15 filings, Chapter 7 filings, and missed interest payments paid within a grace period.

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