Prospect News reports two new defaults for Feb. 4-Feb. 10, S&P five

By Caroline Salls

Pittsburgh, Feb. 12 – Prospect News reported two new defaults for the period of Feb. 4 through Feb. 10.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Noranda Aluminum Holding Corp. and a missed interest payment on Empresas ICA, SAB de CV’s 8.9% senior notes due 2021.

In addition, Prospect News reported Abengoa, SA’s missed interest payment on its €250 million of 4.5% senior convertible notes due 2017. However, Abengoa previously defaulted in connection with a January missed interest payment and a November insolvency filing.

Prospect News has reported 38 defaults so far for 2016, including 15 missed interest payments, 14 Chapter 11 bankruptcy filings, two missed principal and interest payments and one each of administrations, insolvencies, Chapter 7 bankruptcy filings, involuntary Chapter 7 bankruptcy filings, Chapter 15 bankruptcy filings, judicial management requests and missed principal payments.

Meanwhile, Standard & Poor’s reported five new defaults for the week, increasing its year-to-date default tally to 16.

Specifically, S&P lowered its corporate credit rating on Comstock Resources Inc. to SD from B- after it entered an agreement with the holders of its 7¾% secured notes due 2019 that S&P views as a distressed transaction and lowered its corporate credit rating on A.M. Castle & Co. to SD from CC after the company completed an exchange offer for its secured notes.

In addition, S&P lowered its corporate credit rating on Noranda Aluminum to D from CCC+ after its Chapter 11 bankruptcy filing.

The other two S&P defaults were confidential.

Of the 16 defaulting issuers so far in 2016, S&P said five each defaulted because of missed interest payments and distressed exchanges, three because of bankruptcy filings, two on de facto restructurings and one because of a missed principal and interest payments.

S&P said 14 of the 16 defaulted issuers are based in the United States, one is in the emerging markets, and one is in the other developed region, which includes Australia, Canada, Japan and New Zealand.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.