Prospect News reports four new defaults for Jan. 29-Feb. 4; S&P five

By Kali Hays

New York, Feb. 6 – Prospect News reported four new defaults for the period of Jan. 29 through Feb. 4.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing by Caché, Inc., a Companies’ Creditors Arrangement Act filing made by Lutheran Church-Canada, Alberta - British Columbia District, a missed interest payment by Afren plc on its bonds due 2016 and Connacher Oil & Gas Ltd.’s missed interest payment on its 8¾% notes due Aug. 1, 2018 and its 8½% notes due Aug. 1, 2019.

In addition, Prospect News reported Saratoga Resources, Inc.’s missed interest payments on its first-lien and second-lien notes. However, Saratoga previously defaulted in connection with a Chapter 11 Bankruptcy filing made in March 2009.

Prospect News has reported 16 defaults so far in 2015, including five Chapter 11 bankruptcy filings, five CCAA filings, four missed interest payments and one each of involuntary Chapter 11 bankruptcy filings and missed principal and interest payments.

Meanwhile, Standard & Poor’s reported five global corporate defaults for the week, bringing its year-to-date default tally to 12.

Specifically, S&P lowered its credit rating of Talon PIKco NV, which operates as a subsidiary of Truvo Intermediate LLC, to D and lowered its credit rating of Connacher Oil and Gas Ltd. to D from CC following the company’s proposed recapitalization.

S&P also lowered the credit rating of Altegrity Inc. to D from CCC- after the company announced plans to file for Chapter 11 bankruptcy and considered Afren plc in default after it failed to pay obligations due under its $300 million credit facility and its bonds due 2016.

The fifth default of S&P for the week is confidential.

S&P said of the 12 defaults four each are based in the U.S. and emerging markets, three in Europe and the remaining one in a developed nation.

Four of S&P’s defaults are due to missed interest or principal payments, four because of distressed exchanges, three are confidential defaults, and one was due to a bankruptcy filing.

© 2015 Prospect News.
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