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Prospect News reports four new defaults for Jan. 7-Jan. 13, S&P none
By Caroline Salls
Pittsburgh, Jan. 15 – Prospect News reported four new defaults for the period of Jan. 7 through Jan. 13.
Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Sherwin Alumina Co., LLC, a Chapter 7 bankruptcy filing made by Fox Ortega Enterprises, Inc. (Premier Cru), a Chapter 15 bankruptcy filing made by Metinvest BV and SFX Entertainment, Inc.’s missed payment on a promissory note dated July 7, 2015.
Prospect News also reported a Chapter 11 bankruptcy filing made by Arch Coal, Inc. However, Arch Coal previously defaulted in connection with a Dec. 15 missed interest payment.
On Jan. 13, Prospect News reported that Louisiana Pellets, Inc. failed to make $4.83 million in payments due Jan. 1 on its Louisiana Public Facilities Authority solid waste disposal facility revenue bonds.
Prospect News has reported 11 defaults so far for 2016, including three Chapter 11 bankruptcy filings, two missed payments and one each of missed interest payments, administrations, insolvencies, Chapter 7 bankruptcy filings, Chapter 15 bankruptcy filings and missed principal and interest payments.
Meanwhile, Standard & Poor’s reported no new defaults for the week, leaving its year-to-date default tally at one.
As previously reported, S&P lowered its long-term issuer credit rating on RCS Capital Corp. to D from CCC after the company said it entered into forbearance agreements with a majority of its first-lien and second-lien lenders and the holders of its existing convertible notes and announced that it intends to file Chapter 11 bankruptcy in late January.
The default was attributed to missed principal and interest payments.
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