Prospect News reports four new defaults for May 4 to May 10, S&P two

By Caroline Salls

Pittsburgh, May 12 – Prospect News reported four new defaults for the week of May 4 through May 10.

Specifically, Prospect News reported Central Grocers Inc.’s Chapter 11 bankruptcy filing, International Bank of Azerbaijan’s restructuring, Algeco/Scotsman Holding Sarl’s scheme of arrangement and Sea Trucks Group Ltd.’s provisional liquidation.

So far in 2017, Prospect News has reported 78 defaults, including 45 Chapter 11 bankruptcy filings, 12 missed interest payments, five missed principal payments, three distressed exchanges, two recapitalizations and one each of administrations, bankruptcies, Chapter 7 bankruptcy filings, extraordinary administrations, notes-for-equity exchanges, missed principal and interest payments, plans of arrangement, provisional liquidations, restructurings, schemes of arrangement and Title III filings.

Meanwhile, Standard & Poor’s said its global corporate default tally rose to 39 so far in 2017 after two issuers, Rue21 Inc. and Agrokor dd, missed interest payments this week.

S&P said it revised its year-to-date tally to include Angelica Corp., whose ratings were withdrawn before default, and Istmo Compania de Reaseguros Inc., whose rating was lowered to regulatory intervention before default.

Of the four additions, S&P said two are based in the United States, which holds the highest tally of defaults by region this year, with 28, or 72% of the total.

So far in 2017, the ratings agency said 16 issuers have defaulted as a result of distressed exchanges, 13 after filing for Chapter 11 or Chapter 15 bankruptcy, five because of missed interest or principal payments, four were confidential defaults, and one stemmed from regulatory intervention.

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