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Prospect News reports four new defaults for June 18-June 24, S&P one
By Caroline Salls
Pittsburgh, June 26 – Prospect News reported four new defaults for the period of June 18 through June 24.
Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Midway Gold Corp. and Saratoga Resources, Inc., a Chapter 7 bankruptcy filing made by Ezrani 2 Corp. (RUUM) and Afferro Mining Inc.’s missed interest payment on its 9% bonds due 2017.
Prospect News has reported 90 defaults so far in 2015, including 39 Chapter 11 bankruptcy filings, 15 missed interest payments, nine Companies’ Creditors Arrangement Act filings, seven distressed exchanges, five Chapter 15 bankruptcy filings, three bankruptcy filings, two each of reorganizations and missed principal payments and one each of Chapter 7 bankruptcy filings, judicial recovery requests, missed interest payments paid within the grace period, missed principal and interest payments, missed payments, defaults, insolvencies and schemes of arrangement.
Meanwhile, Standard & Poor’s reported one default for the week, raising its global corporate default tally to 52 issuers so far in 2015.
Specifically, S&P said it lowered its corporate credit rating on Walter Energy Inc. to D from CCC- after the company failed to make an interest payment on it 9 7/8% senior notes due 2020.
So far in 2015, S&P said 19 entities defaulted because of missed interest or principal payments, 11 because of bankruptcy filings, 13 because of distressed exchanges, two as a result of regulatory intervention and one as a result of a judicial reorganization. The other six are confidential defaults.
Of the 52 issuers that have defaulted so far this year, the ratings agency said 31 are based in the United States, 12 in emerging markets, seven in Europe and two in the other developed nations, which includes Australia, Canada, Japan and New Zealand.
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