Prospect News reports seven new defaults for week of June 7-June 13

By Caroline Salls

Pittsburgh, June 15 – Prospect News reported seven new defaults for the week of June 7 through June 13.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by LakePoint Land, LLC and New MACH Gen, LLC, a missed interest payment on QGOG Constellation SA’s 9% cash/½% PIK senior secured notes due 2024 and a missed interest payment, paid within the grace period, on its 6¼% senior notes due 2019, a missed interest payment on Kiko SpA’s €100 million 6½% senior secured notes due Dec. 10, 2020, a liquidation filed by ABLV Bank, AS and House of Fraser Ltd.’s company voluntary arrangement.

In addition, Prospect News reported a missed interest payment on Ambac Financial Group, Inc.’s surplus notes. However, Ambac previously defaulted in connection with a missed interest payment and a Chapter 11 bankruptcy filing.

So far in 2018, Prospect News has reported 86 defaults, including 46 Chapter 11 bankruptcy filings, 15 missed interest payments, three each of bankruptcies, missed principal and interest payments and distressed exchanges, two each of Chapter 7 bankruptcy filings, missed principal payments and schemes of arrangement and one each of administrations, Companies’ Creditors Arrangement Act filings, Chapter 15 bankruptcy filings, company voluntary arrangements, compulsory liquidations, debt-for-equity exchanges, liquidations, moratoriums, recapitalizations and restructurings.

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