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Prospect News reports five new defaults for March 9-March 15, S&P one
By Caroline Salls
Pittsburgh, March 17 – Prospect News reported five new defaults for the week of March 9 through March 15.
Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Sungevity, Inc., Gander Mountain Co. and Gordmans Stores, Inc. and missed interest payments on Emergent Capital, Inc.’s 15% senior notes due 2018 and GulfMark Offshore, Inc.’s 6 3/8% senior notes due 2022.
So far in 2017, Prospect News has reported 39 defaults, including 26 Chapter 11 bankruptcy filings, five missed interest payments, four missed principal payments, two distressed exchanges and one each of Chapter 7 bankruptcy filings and recapitalizations.
Meanwhile, Standard & Poor’s reported one new default for the week, raising its year-to-date default tally to 16.
S&P lowered its corporate credit rating on Pinnacle Operating Corp. to SD from CC after the issuer announced that it completed an exchange offer to existing holders of its senior secured second-lien notes due in 2020 for a combination of new 1.5-lien notes due 2023 and preferred stock.
The ratings agency said it views this as a distressed exchange because participating noteholders will receive less than the original promise.
So far in 2017, S&P said defaults resulting from distressed exchanges lead the tally with six, followed by five Chapter 11 bankruptcy filings, four confidential defaults and one default stemming from missed interest and principal payments.
By region, the United States has seen the highest number of defaults with 10 issuers, followed by Europe with four and one each from emerging markets and the other developed nations, which includes Australia, Canada, Japan and New Zealand.
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