Prospect News reports three new defaults for July 21-July 27, S&P one

By Caroline Salls

Pittsburgh, July 29 – Prospect News reported three new defaults for the period of July 21 through July 27.

Specifically, Prospect News reported a Chapter 11 bankruptcy filing made by Halcon Resources Corp., Swiber Holdings Ltd.’s liquidation and Scholz Holding GmbH’s restructuring.

In addition, Prospect News reported Atlas Resource Partners, LP’s Chapter 11 bankruptcy filing and Oro Negro Drilling Pte. Ltd.’s missed principal and interest payment on its 7½% senior secured callable bonds due 2019. However, Atlas and Oro Negro both previously defaulted in connection with missed payments.

So far this year, Prospect News has reported 146 defaults, including 73 Chapter 11 bankruptcy filings, 37 missed interest payments, seven missed principal payments, five missed principal and interest payments, four each of Companies’ Creditors Arrangement Act filings and Chapter 15 bankruptcy filings, three Chapter 7 bankruptcy filings, two each of insolvencies and liquidations and one each of CBCA filings, administrations, judicial management requests, schemes of arrangement, restructurings, missed interest payments paid late, missed interest payments paid within the grace period, mandataire ad hoc appointments and suspensions of payments.

Meanwhile, S&P said its global corporate default tally grew to 105 issuers so far in 2016 with the addition of one confidential default since its last report. S&P said the last time the tally was this high at this point in the year was in 2009, when it reached 181 during the financial crisis.

Of the 105 issuers that have defaulted so far in 2016, S&P said 39 defaulted because of missed principal and/or interest payments, 27 because of distressed exchanges, 14 after filing for bankruptcy, five each because of debt exchanges and de facto restructurings, two because of deferred interest payments and one each because of debt acceleration, distressed restructuring, regulatory intervention, judicial reorganization and debt moratorium. The remaining eight were confidential.

S&P said 71 of the entities that have defaulted so far in 2016 are based in the United States, 19 in emerging markets, nine in the other developed nations, including Australia, Canada, Japan and New Zealand, and six in Europe.

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