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Prospect News reports three new defaults for Feb. 12-Feb. 18; S&P two
By Caroline Salls
Pittsburgh, Feb. 20 – Prospect News reported three new defaults for the period of Feb. 12 through Feb. 18.
Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Allen Systems Group, Inc., a Chapter 15 bankruptcy filing made by Caledonian Bank Ltd. and Quicksilver Resources Inc.’s missed interest payment on its 9 1/8% senior notes due 2019.
Prospect News has reported 22 defaults so far in 2015, including nine Chapter 11 bankruptcy filings, five Companies’ Creditors Arrangement Act filings, five missed interest payments and one each of Chapter 15 bankruptcy filings, distressed exchanges and missed principal and interest payments.
Meanwhile, Standard & Poor’s reported two global corporate defaults for the week, bringing its year-to-date default tally to 15.
Specifically, S&P lowered its long-term and short-term counterparty credit ratings on Commercial Bank Sudostroitelny Bank LLC to D/D from DDD/C after the Central Bank of Russia revoked the bank’s license and place it under temporary administration until a court’s decision on the timing of the bank’s bankruptcy and liquidation.
In addition, S&P lowered its long-term and short-term counterparty credit ratings and Russia national scale ratings on Bank Tavrichesky to R because of the regulatory risk related to the Central Bank of Russia’s intervention and appointment of temporary administration to the bank.
Of the 15 defaults so far in 2015, six are based in the emerging markets, five in the United States, three in Europe and the remaining one in the other developed nations, which includes Australia, Canada, Japan and New Zealand.
The agency said four each of the 15 defaults resulted from missed interest or principal payments and distressed exchanges, two from bankruptcy filings and two from regulatory intervention. The other three were confidential defaults.
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