Prospect News, S&P each report two new defaults for March 29-April 4

By Caroline Salls

Pittsburgh, April 6 – Prospect News reported two new defaults for the week of March 29 through April 4.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by EV Energy Partners, LP and FirstEnergy Solutions.

So far in 2018, Prospect News has reported 49 defaults, including 32 Chapter 11 bankruptcy filings, four missed interest payments, three bankruptcies, two each of missed principal and interest payments and missed principal payments and one each of restructurings, recapitalizations, compulsory liquidations, Companies’ Creditors Arrangement Act filings, distressed exchanges and debt-for-equity exchanges.

Meanwhile, Standard & Poor’s said its 2018 global corporate default tally increased to 27 this week after NCSG Crane & Heavy Haul Corp. and FirstEnergy Solutions defaulted.

Of the 27 defaults so far this year, S&P said 19 are from the United States, three each are from emerging markets and the other developed region, and two are from Europe.

S&P said distressed exchanges are the leading reasons for default so far in 2018, with 10, or 37% of the total, followed by bankruptcy with eight, or 30% of the total, and missed interest payments with seven, or 26%. The remaining two defaults were confidential.

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