Prospect News reports two new defaults for Nov. 12-Nov. 18, S&P four

By Caroline Salls

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

Specifically, Prospect News reported Chapter 11 filings made by Atna Resources Ltd. and Rdio, Inc.

In addition, Prospect News reported Puerto Rico Public Finance Corp.’s missed interest payment on its series 2012A commonwealth appropriation bonds. However, Puerto Rico Public Finance previously defaulted in connection with several missed payments.

Prospect News has reported 155 defaults so far in 2015, including 76 Chapter 11 bankruptcy filings, 24 missed interest payments, 10 Companies’ Creditors Arrangement Act filings, nine distressed exchanges, seven Chapter 15 bankruptcy filings, four bankruptcy filings, three each of Chapter 7 bankruptcy filings, missed principal and interest payments, administrations and missed principal payments, two each of reorganizations and defaults and one each of Chapter 9 bankruptcy filings, arrangements of debt, judicial recovery requests, missed payments, missed interest payments paid within the grace period, insolvencies, schemes of arrangement and moratoriums.

Meanwhile, S&P reported four defaults for the week, raising its year-to-date total to 99.

Specifically, S&P said Affirmative Insurance Holdings Inc. defaulted after filing for Chapter 11 bankruptcy, and the ratings agency withdrew its ratings on the company and its subsidiaries.

S&P said it removed the corporate credit rating on Globo plc from CreditWatch negative and lowered the ratings to D from CCC after Globo announced that it had received a notice of default from its main creditor and that the court had placed the company into administration.

In addition, S&P said it lowered its corporate credit rating on Millennium Health LLC to D from CC after the company filed for Chapter 11 bankruptcy to implement a financial restructuring plan.

Finally, the agency said it lowered its long-term corporate credit rating on China Shanshui Cement Group Ltd. to D from CC after the company failed to repay its RMB 2 billion onshore super short-term commercial paper due Nov. 12, triggering a cross-default on its other financial obligations.

So far in 2015, S&P said 32 of the 99 defaulted entities defaulted because of distressed exchanges, 26 because of missed interest or principal payments, 21 after filing for bankruptcy, nine as a result of regulatory intervention and one each as a result of judicial reorganization, cross-default, administration appointment and a de facto debt-for-equity swap. The remaining seven are confidential.

S&P said 62 of the 99 issuers are based in the United States, 19 in emerging markets, 13 in Europe and five in the other developed nations, including Australia, Canada, Japan and New Zealand.

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