Prospect News reports one new default for May 24 to May 30, S&P two

By Caroline Salls

Pittsburgh, June 1 – Prospect News reported one new default for the week of May 24 through May 30 in the form of a Chapter 11 bankruptcy filing made by Color Spot Holdings, Inc.

So far in 2018, Prospect News has reported 75 defaults, including 44 Chapter 11 bankruptcy filings, 13 missed interest payments, three each of bankruptcies, missed principal and interest payments and distressed exchanges, two each of missed principal payments and schemes of arrangement and one each of restructurings, recapitalizations, compulsory liquidations, Companies’ Creditors Arrangement Act filings and debt-for-equity exchanges.

Meanwhile, Standard & Poor’s said its 2018 global corporate default tally rose to 44 this week following the defaults of Grupo Senda Autotransporte SA de CV and Westmoreland Coal Co.

S&P said the 44 defaults as of May 30 remain consistent with the number of defaults at the same point in 2017, when 45 defaults had been recorded.

The agency said distressed exchanges are the leading cause of defaults so far in 2018, with 17, followed by missed principal and interest payments with 12 defaults and bankruptcy with 10 defaults. The remaining five defaults were confidential.

Of the 44 defaulted issuers so far in 2018, S&P said 27 have come from the United States, nine from emerging markets, five from Europe, and three from the other developed region, which includes Australia, Canada, Japan and New Zealand.

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