Prospect News, S&P each report two new defaults for April 19-April 25

By Caroline Salls

Pittsburgh, April 27 – Prospect News reported two new defaults for the week of April 19 through April 25 in the form of a Chapter 11 bankruptcy filing made by Erin Energy Corp. and Bourbon Corp.’s missed bond interest payment.

Prospect News also reported a distressed exchange related to Oceanteam ASA’s senior bonds. However, Oceanteam had previously defaulted in connection with missed interest payments.

So far in 2018, Prospect News has reported 57 defaults, including 35 Chapter 11 bankruptcy filings, six missed interest payments, three each of bankruptcies and missed principal and interest payments, two each of missed principal payments and distressed exchanges and one each of restructurings, recapitalizations, compulsory liquidations, Companies’ Creditors Arrangement Act filings, schemes of arrangement and debt-for-equity exchanges.

Meanwhile, Standard & Poor’s reported that its 2018 global corporate default tally increased to 31 this week after the defaults of Corporacion Electrica Nacional SA and a confidential issuer.

Of the defaults this year, S&P said 22 are from the United States, four are from emerging markets, three are from the other developed region, which includes Australia, Canada, Japan and New Zealand, and two are from Europe.

So far this year, S&P said distressed exchanges are the leading reason for defaults, with 11, or 35% of the total, followed by bankruptcy with nine, or 29%. Missed principal and interest payments have accounted for eight defaults, or 26% of the 2018 count, and the remaining three defaults were confidential.

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