Prospect News reports two new defaults for Oct. 6-Oct. 12

New York, Oct. 14 – Prospect News reported two new defaults for the period of Oct. 6 through Oct. 12.

Stallion Oilfield Services Ltd. completed a recapitalization, and Seven Energy International Ltd. missed the interest payment due Oct. 11 on its 10˝% senior secured notes.

Stallion Oilfield was previously in Chapter 11 in 2009, but the recapitalization, which converted debt to equity, counts as a new default.

In addition to the new defaults, Swiber Holdings Ltd. missed the principal and interest payments due on Oct. 10 for its S$100 million of series 015 5.55% notes. Swiber is in liquidation and has missed multiple payments since July.

So far this year, Prospect News has reported 183 defaults, including 86 Chapter 11 bankruptcy filings, 42 missed interest payments, nine missed principal and interest payments, eight missed principal payments, seven Chapter 15 bankruptcy filings, four each of Companies’ Creditors Arrangement Act filings, Chapter 7 bankruptcy filings and missed interest payments paid within the grace period, three restructurings, two each of insolvencies, administrations and CBCA filings and one each of judicial management requests, schemes of arrangement, plans of arrangement, debt arrangements, missed interest payments paid late, liquidations, mandataire ad hoc appointments, restructurings, suspensions of payments and homologaciones.

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