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Prospect News reports five defaults for March 15-March 21, S&P three
By Caroline Salls
Pittsburgh, March 23 – Prospect News reported five new defaults for the week of March 15 through March 21.
Specifically, Prospect News reported Chapter 11 bankruptcy filings made by MGTF Radio Co., LLC/WPNT, Inc. doing business as Steel City Media, Weinstein Co. Holdings LLC, Constellation Healthcare Technologies, Inc., iHeartMedia Inc. and Discovery Air Inc.’s Companies’ Creditors Arrangement Act filing.
Prospect News also reported a Chapter 11 bankruptcy filing made by Claire’s Stores, Inc. and a missed principal and interest payment on Noble Group Ltd.’s 3 5/8% senior notes due 2018. However, both of those companies had previously defaulted.
So far in 2018, Prospect News has reported 43 defaults, including 27 Chapter 11 bankruptcy filings, four missed interest payments, three bankruptcies, two missed principal and interest payments and one each of restructurings, recapitalizations, compulsory liquidations, CCAA filings, distressed exchanges, debt-for-equity exchanges and missed principal payments.
Meanwhile, Standard & Poor’s said its 2018 global corporate default tally rose to 23 after three issuers defaulted during the week.
S&P noted defaults by Noble, Claire’s and EV Energy Partners LP.
Of the 23 defaulting issuers so far in 2018, the agency said 16 have come from the United States, three from emerging markets and two each from the other developed region, which includes Australia, Canada, Japan and New Zealand, and Europe.
Following the trend of 2017, S&P said distressed exchanges and out-of-court restructurings are the number one cause of default so far this year, with nine. Missed interest payments and bankruptcy filings follow with six defaults each. Two of the 23 defaults were confidential.
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