Prospect News reports two new defaults for week of March 19-March 25

By Caroline Salls

Pittsburgh, March 27 – Prospect News reported two new defaults for the period of March 19 through March 25.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Karmaloop, Inc. and a Chapter 15 bankruptcy filing made by Awal Finance Co. Ltd.

In addition, Prospect News reported a distressed exchange made by Norwegian Energy Co. ASA. However, Norwegian Energy previously defaulted. Prospect News also reported that San Gold Corp. will not make the C$2 million interest payment due March 31 on its subordinated unsecured convertible debentures.

Prospect News has reported 43 defaults so far in 2015, including 21 Chapter 11 bankruptcy filings, seven missed interest payments, five Companies’ Creditors Arrangement Act filings, three each of Chapter 15 bankruptcy filings and distressed exchanges, two bankruptcy filings and one each of missed principal and interest payments and missed principal payments.

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