Prospect News reports four new defaults for week of June 29 to July 5

By Caroline Salls

Pittsburgh, July 7 – Prospect News reported four new defaults for the week of June 29 through July 5.

Specifically, Prospect News reported True Religion Apparel, Inc.’s Chapter 11 bankruptcy filing, Volstad Subsea AS’ missed payment at maturity on its senior secured bond issue 2013/2016, Puerto Rico Public Buildings Authority’s missed interest payment on its series 2002 C, 2002 D, 2002 F, 2002 G, 2002 H, 2004 I, 1993 L, 2007 M, 2007 N, 2009 P, 2009 Q, 2011 R, 2011 S, 2011 T and 2012 U bonds and Norske Skog Industrier ASA’s missed interest payment on its notes due 2026 and Norwegian securitization facility due 2020.

In addition, Prospect News reported Puerto Rico Electric Power Authority’s Title III filing. However, Puerto Rico Electric previously defaulted in connection with a July 7, 2014 missed interest payment.

So far in 2017, Prospect News has reported 108 defaults, including 59 Chapter 11 bankruptcy filings, 16 missed interest payments, seven missed principal payments, three each of distressed exchanges and Chapter 15 bankruptcy filings, two each of Title III filings, recapitalizations and schemes of arrangement and one each of administrations, bankruptcies, Chapter 7 bankruptcy filings, extrajudicial reorganizations, involuntary Chapter 11 bankruptcy filings, Companies’ Creditors Arrangement Act filings, notes-for-equity exchanges, missed principal and interest payments, plans of arrangement, liquidations, provisional liquidations, safeguard proceedings, missed maturity payments and civil rehabilitations.

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