Prospect News reports four new defaults for June 12 through June 18

By Caroline Salls

Pittsburgh, June 20 – Prospect News reported four new defaults for the period of June 12 through June 18.

Specifically, Prospect News reported GlassHouse Technologies, Inc.’s Chapter 7 bankruptcy filing, Chapter 11 bankruptcy filings made by PSL-North America LLC and Kid Brands, Inc. and Essar Steel Algoma, Inc.’s missed interest payment.

Prospect News also reported Cline Mining Corp.’s missed June 15 principal and interest payment on its $65.5 million of 10% senior secured bonds and C$12.3 million 10% senior secured convertible bonds due June 15 and Codere SA’s missed June 15 interest payment on its euro bonds maturing in 2015. However, both Cline Mining and Codere had previously defaulted in connection with missed interest payments.

Also during the past week, Prospect News reported Sears Methodist Retirement System, Inc.’s June 10 Chapter 11 filing and Solavei, LLC’s June 11 Chapter 11 filing.

Prospect News has reported 66 defaults so far for 2014, including 38 Chapter 11 bankruptcy filings, nine missed interest payments, five Chapter 15 bankruptcy filings, two each of concurso mercantil filings, Companies’ Creditors Arrangement Act filings, administrations and missed principal and interest payment and one of each of defaults, restructurings, bankruptcy filings, judicial discovery requests, Chapter 7 bankruptcy filings and reconstructions.

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