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Prospect News reports two new defaults for Sept. 3-Sept. 9, S&P none
By Caroline Salls
Pittsburgh, Sept. 11 – Prospect News reported two new defaults for the period of Sept. 3 through Sept. 9 in the form of Chapter 11 bankruptcy filings made by Quiksilver, Inc. and Haggen Holdings, LLC.
Prospect News has reported 121 defaults so far in 2015, including 58 Chapter 11 bankruptcy filings, 17 missed interest payments, 10 Companies’ Creditors Arrangement Act filings, eight distressed exchanges, five Chapter 15 bankruptcy filings, four bankruptcy filings, two each of Chapter 7 bankruptcy filings, reorganizations, defaults, missed payments and missed principal payments and one each of Chapter 9 bankruptcy filings, administrations, arrangements of debt, judicial recovery requests, missed interest payments paid within the grace period, missed principal and interest payments, insolvencies, schemes of arrangement and moratoriums.
Meanwhile, Standard & Poor’s did not record any defaults for the week, but revised its year-to-date default count to 77 from 75.
The tally was raised following the addition of two companies that were not rated at the times of their defaults, including Black Elk Energy Offshore Operations LLC and Univita Health Inc.
Of the 77 defaults so far in 2015, S&P said 23 resulted from distressed exchanges, 22 from missed interest or principal payments, 16 from bankruptcy filings, eight from regulatory intervention and one each from a judicial reorganization and a de facto debt-for-equity swap. The other six defaults are confidential.
S&P said 46 of the 77 issuers that have defaulted so far this year are based in the United States, 15 in emerging markets, 12 in Europe and four in the other developed nations, which include Australia, Canada, Japan and New Zealand.
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