Prospect News reports four new defaults for week of Oct. 20-Oct. 26

By Caroline Salls

Pittsburgh, Oct. 28 – Prospect News reported four new defaults for the period of Oct. 20 through Oct. 26.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by American Gilsonite Co., Inc., a Companies’ Creditors Arrangement Act filing made by Rubicon Minerals Corp. and missed interest payments on Oceanteam ASA’s senior bonds and Indus (Eclipse 2007-1) plc’s class C commercial mortgage-backed floating-rate notes due 2020.

In addition, Prospect News reported Chapter 11 bankruptcy filings made by Basic Energy Services, Inc. and Key Energy Services, Inc., a Chapter 15 bankruptcy filing made by Tervita Corp. and a missed interest payment on Samarco Mineracao SA’s 5¾% notes due 2023. However, those four companies had previously defaulted.

So far this year, Prospect News has reported 196 defaults, including 90 Chapter 11 bankruptcy filings, 44 missed interest payments, 11 missed principal and interest payments, nine each of missed principal payments and Chapter 15 bankruptcy filings, five each of Companies’ Creditors Arrangement Act filings and Chapter 7 bankruptcy filings, four missed interest payments paid within the grace period, three restructurings, two each of insolvencies, administrations and recapitalizations and one each of CBCA filings, judicial management requests, schemes of arrangement, plans of arrangement, debt arrangements, missed interest payments paid late, liquidations, mandataire ad hoc appointments, suspensions of payments and homologaciones.

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