Prospect News reports three defaults for Dec. 7 to Dec. 13, S&P four

By Caroline Salls

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

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by J.G. Wentworth Co., Charming Charlie and Global Brokerage, Inc.

So far in 2017, Prospect News has reported 171 defaults, including 95 Chapter 11 bankruptcy filings, 27 missed interest payments, nine missed principal payments, five each of Chapter 15 bankruptcy filings and schemes of arrangement, four distressed exchanges, three recapitalizations, two each of Chapter 7 bankruptcy filings, Title III filings, insolvencies, missed principal and interest payments and missed interest payments paid within the grace period and one each of administrations, bankruptcies, business reorganizations, involuntary Chapter 11 bankruptcy filings, Companies’ Creditors Arrangement Act filings, Canada Business Corporations Act filings, Corporate Insolvency Resolution Process filings, notes-for-equity exchanges, liquidations, provisional liquidations, safeguard proceedings, missed maturity payments and civil rehabilitations.

Meanwhile, Standard & Poor’s said its 2017 global corporate default tally rose to 91 this week after three U.S.-based issuers defaulted, and Pacific Drilling SA was added to the default count following a monthly reconciliation exercise.

“Of the four total new defaults, two are oil and gas issuers,” S&P’s Diane Vazza said in a news release.

Year to date, S&P said the default tally for the oil and gas sector is now 23, which is about a third of the 63 defaults in that sector recorded at the same point in 2016.

The ratings agency said three of the four defaults this week resulted from Chapter 11 bankruptcy filings.

So far in 2017, S&P said 27 bankruptcy-related defaults have occurred, which is two short of the 2016 tally. Distressed exchanges still dominate the default tally, accounting for 35 defaults, followed by the bankruptcy-related defaults, 19 defaults stemming from missed interest or principal payments, nine confidential defaults and one default resulting from regulatory intervention.

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