Prospect News reports eight new defaults for week of May 11 to May 17

By Caroline Salls

Pittsburgh, May 19 – Prospect News reported eight new defaults for the week of May 11 through May 17.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Tidewater Inc., rue21, Inc., Katy Industries, Inc., First NBC Bank Holding Co. and Marsh Supermarkets Holding, LLC, missed interest payments on Frigoglass Finance BV’s €250 million of 8¼% senior notes due 2018 and CGG SA’s 5 7/8% senior notes due 2020, as well as Premier Oil plc’s scheme of arrangement.

In addition, Prospect News reported a Chapter 11 bankruptcy filing made by GulfMark Offshore, Inc., a Chapter 15 bankruptcy filing made by the International Bank of Azerbaijan, a missed principal payment on China Shanshui Cement Group Ltd.’s Shandong Shanshui Cement Group Co. Ltd. medium-term note and a missed interest payment on Seven Energy International Ltd.’s $300 million of 10¼% senior secured notes due 2021 and $100 million of 10½% notes due 2021. However, all of those companies had previously defaulted.

So far in 2017, Prospect News has reported 85 defaults, including 49 Chapter 11 bankruptcy filings, 13 missed interest payments, six missed principal payments, three distressed exchanges, two each of recapitalizations and schemes of arrangement and one each of administrations, bankruptcies, Chapter 15 bankruptcy filings, Chapter 7 bankruptcy filings, extraordinary administrations, notes-for-equity exchanges, missed principal and interest payments, plans of arrangement, provisional liquidations and Title III filings.

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