Prospect News shows two new defaults for Oct. 24 to Oct. 30; S&P none

By Jim Witters

Wilmington, Del., Nov. 1 - Prospect News reported two new defaults for the period from Oct. 24 through Oct. 30 in the form of Chapter 11 bankruptcies filed by Allens, Inc. and Green Field Energy Services Inc.

In addition, OGX Petroleo e Gas Participacoes SA, filed for bankruptcy in Brazil on Oct. 30 after missing a $44.5 million interest payment on Oct. 1.

Prospect News has reported 118 defaults so far in 2013, including 62 Chapter 11 bankruptcy filings, 20 missed interest payments, seven Chapter 7 bankruptcy filings, six missed principal and interest payments, five distressed exchanges, three Chapter 15 bankruptcy filings, two each of involuntary Chapter 11 filings, CCAA filings and bankruptcy proceedings and one each of missed principal payments, Chapter 9 bankruptcy filings, insolvencies, administrations, missed interest payments paid late, Schutzschirmverfahren, involuntary Chapter 7 bankruptcy filings, liquidations and recapitalizations.

Meanwhile, Standard & Poor's global corporate default tally remained at 65 issuers after no global issuers defaulted during the period.

Of the 65 defaults so far this year, S&P said 28 resulted from missed interest, principal or cash payments, 17 from bankruptcy filings, 10 from distressed exchanges, two from regulatory supervision and one each from a failure to refinance or pay off a revolving credit facility and subpar bond buybacks.

The remaining six defaults were confidential.

The ratings agency said 36 of the 65 issuers that defaulted so far this year are based in the United States, 14 are based in the emerging markets, 12 are based in Europe, and three are based in the other developed region.

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