Prospect News reports four new defaults for Sept. 17-Sept. 23, S&P one

By Caroline Salls

Pittsburgh, Sept. 25 – Prospect News reported four new defaults for the period of Sept. 17 through Sept. 23.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Quirky, Inc., 49 North Resources Inc.’s missed interest payment on its 9% convertible subordinated debentures due Sept. 23, 2016, Mirabela Nickel Ltd.’s administration and PJSC Bank Finance and Credit’s temporary administration.

Prospect News has reported 129 defaults so far in 2015, including 64 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, three administrations, two each of Chapter 7 bankruptcy filings, reorganizations, defaults, missed payments and missed principal payments and one each of Chapter 9 bankruptcy filings, 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 said its global corporate default tally increased to 79 for 2015, the highest year-to-date default total since 2009, when nearly 200 issuers had defaulted at this point of the year.

S&P said it lowered its long-term and short-term counterparty credit ratings on PrivatBank to SD from CC/C after the bank signed a supplemental loan agreement on Sept. 8 to extend the maturity date of its bonds due in September to Jan. 15, 2016.

The ratings agency said 24 of the 79 defaults so far this year resulted from distressed exchanges, 22 from missed interest or principal payments, 17 from bankruptcy filings, eight from regulatory intervention and one each from a judicial reorganization and a de facto debt-for-equity swap. The remaining six defaults were confidential.

Of the 79 issuers so far this year, S&P said 47 issuers are based in the United States, 16 are in emerging markets, 12 are in Europe, and four are in other developed nations, which include Australia, Canada, Japan and New Zealand.

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