Prospect News reports one new default for week of April 9 to April 15

By Caroline Salls

Pittsburgh, April 17 – Prospect News reported one new default for the period of April 9 through April 15.

Specifically, Prospect News reported Walter Energy Inc.’s missed interest payment on its 9˝% notes due 2019 and its 8˝% notes due 2021.

In addition, Prospect News reported Lee Steel Corp.’s Chapter 11 bankruptcy filing and Shoreline Energy Corp.’s Companies’ Creditors Arrangement Act filing. However, Lee Steel previously defaulted in connection with a default and acceleration of its credit agreement, and Shoreline previously defaulted in connection with a Dec. 31 missed interest payment.

Prospect News has reported 58 defaults so far in 2015, including 23 Chapter 11 bankruptcy filings, 11 missed interest payments, seven Companies’ Creditors Arrangement Act filings, six distressed exchanges, four Chapter 15 bankruptcy filings, two each of bankruptcy filings and missed principal payments and one each of judicial recovery requests, reorganizations and missed principal and interest payments.

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