Prospect News reports nine new defaults for week of July 9 to July 15

By Caroline Salls

Pittsburgh, July 17 – Prospect News reported nine new defaults for the week of July 9 through July 15.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by California Resources Corp.; Paper Store, LLC; Congoleum Corp.; RTW Retailwinds, Inc.; Hi-Crush Inc. and Muji U.S.A. Ltd., missed interest payments on Valaris plc’s 4¾% senior notes due 2024 and 5.85% senior notes due 2044 and Denbury Resource’s Inc.’s 4 5/8% senior subordinated notes due 2023 and a Chapter 15 bankruptcy filing made by Calfrac Well Services Ltd.

In addition, Prospect News reported missed interest and principal payments on Grupo Famsa SAB de CV’s credit lines. However, Grupo Famsa previously defaulted in connection with a June 26 Chapter 11 filing.

So far in 2020, Prospect News has reported 190 defaults, including 129 Chapter 11 bankruptcy filings, 27 missed interest payments, six Chapter 15 bankruptcy filings, five each of missed principal payments and CCAA filings, four each of missed interest and principal payments and missed payments, three Chapter 7 bankruptcy filings, two each of administrations and defaults and one each of CBCA filings, restructurings and Danish Section 11b filings.

The six companies that filed Chapter 11 bankruptcy this week listed a total of $5.518 billion of assets and $7.465 billion in debt.

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