Prospect News reports one new default for May 29 to June 4, S&P none

By Caroline Salls

Pittsburgh, June 6 – Prospect News reported one new default for the period of May 29 through June 4 in the form of Buccaneer Resources, LLC’s Chapter 11 bankruptcy filing.

Prospect News has reported 58 defaults so far for 2014, including 33 Chapter 11 bankruptcy filings, eight missed interest payments and five Chapter 15 bankruptcy filings.

Prospect News has also reported two of each of defaults, administrations and concurso mercantile proceedings and one of each of restructurings, missed principal and interest payments, bankruptcy filings, judicial discovery requests, reconstructions and Companies’ Creditors Arrangement Act filings.

Meanwhile, Standard & Poor’s reported no new defaults for the week, leaving its year-to-date default count at 23. S&P said it has seen no global corporate defaults since May 20.

Of the 23 defaults so far in 2014, S&P said bankruptcy filings accounted for 11, missed interest and/or principal payments for six, distressed exchanges for three and judicial reorganization and a creditor protection filing for one each. The other 2014 default was confidential.

The ratings agency said 14 of this year’s defaults are based in the United States, six in the emerging markets, two in the other developed region, consisting of Australia, Canada, Japan, and New Zealand, and one in Europe.

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