Prospect News reports four new defaults for March 1-March 7, S&P one

By Caroline Salls

Pittsburgh, March 9 – Prospect News reported four new defaults for the week of March 1 through March 7.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Harvey Gulf International Marine, LLC, 4 West Holdings, Inc., Walking Co. Holdings, Inc. and HCR ManorCare, Inc.

In addition, Prospect News reported a missed interest payment on iHeartCommunications, Inc.’s 11¼% priority guarantee notes due 2021 and on its 9% priority guarantee notes due 2021. However, iHeart previously defaulted in connection with a Feb. 1 missed interest payment.

So far in 2018, Prospect News has reported 31 defaults, including 19 Chapter 11 bankruptcy filings, three each of bankruptcies and missed interest payments and one each of restructurings, recapitalizations, compulsory liquidations, distressed exchanges, debt-for-equity exchanges and missed principal and interest payments.

Meanwhile, Standard & Poor’s said its 2018 global corporate default tally reached 19 during the week after PaperWorks Industries Holding Corp. defaulted in connection with completion of a secured notes restructuring.

So far in 2018, S&P said the United States leads with 12 defaults, followed by emerging markets with three. The other developed region and Europe each account for two defaults.

Following the trend of 2017, the agency said distressed exchanges are the number one cause of defaults so far this year, with eight. Missed interest payments follow with five defaults. In addition, four of the 2018 defaults stemmed from bankruptcy filings, and two were confidential.

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