Prospect News, S&P each report two new defaults for Dec. 28 to Jan. 3

By Caroline Salls

Pittsburgh, Jan. 5 – Prospect News reported two new defaults for the week of Dec. 28 through Jan. 3 in the form of Life Settlements Absolute Return I, LLC’s Chapter 11 bankruptcy filing and Latina Offshore Ltd.’s missed principal and interest payment on its 8 7/8% senior secured callable bond issue 2013/2018.

Prospect News also reported a distressed exchange related to Liberty Tire Recycling Holdco, LLC’s 11% second-lien secured notes due 2021. However, Liberty Tire previously reported in connection with an April 7, 2015 distressed exchange.

So far in 2018, Prospect News has reported one default, Latina Offshore’s missed principal and interest payment.

Meanwhile, Standard & Poor’s reported two defaults so far in 2018, including a bankruptcy filing made by Expro Holdings U.K. 3 Ltd., resulting in a downgrade to its long-term corporate credit rating to D from CCC+, and Fieldwood Energy LLC’s decision to skip interest payments on its first-lien last-out term loan and second-lien term loan and enter into forbearance agreements with some term lenders.

S&P said the oil and gas sector led in 2017 with 25 defaults, accounting for 26% of the yearly total of 96 defaults.

Of the total 96 defaulters in 2017, S&P said the U.S. region dominated with 64 issuers, followed by Europe with 16, emerging markets with nine and the other developed region, which includes Australia, Canada, Japan and New Zealand, with seven.

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