Prospect News reports seven new defaults for Dec. 14-Dec. 20, S&P two

By Caroline Salls

Pittsburgh, Dec. 22 – Prospect News reported seven new defaults for the week of Dec. 14 through Dec. 20.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Expro Holdings US Inc., Rentech, Inc. and Global A&T Electronics Ltd., a Chapter 7 bankruptcy filing made by Xceligent, Inc. and EXCO Resources, Inc., Bon-Ton Department Stores, Inc. and Elli Finance (UK) plc/Elli Investments Ltd. missed interest payments.

In addition, Prospect News reported a Chapter 11 bankruptcy filing made by Cobalt International Energy, Inc., a bankruptcy case filed by Norske Skogindustrier ASA, a Companies’ Creditors Arrangement Act filing made by Banro Corp. and a Concordia International Corp. missed interest payment. However, those four companies had previously defaulted.

So far in 2017, Prospect News has reported 176 defaults, including 98 Chapter 11 bankruptcy filings, 28 missed interest payments, 10 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, Companies’ Creditors Arrangement Act filings, Title III filings, bankruptcies, insolvencies, missed principal and interest payments and missed interest payments paid within the grace period and one each of administrations, business reorganizations, involuntary Chapter 11 bankruptcy filings, Corporate Insolvency Resolution Process filings, notes-for-equity exchanges, liquidations, safeguard proceedings, missed maturity payments and civil rehabilitations.

Meanwhile, Standard & Poor’s said its 2017 global corporate default tally rose to 93 this week after Elli Investments and Bon-Ton defaulted.

S&P said the default tally for the retail and restaurants sector is now 12, up from seven at the same point in 2016.

Moving into 2018, the agency said trends in the retail sector remain negative as the competitive landscape continues to shift with consumer preferences and global e-commerce trends.

S&P said distressed exchanges still dominate the default tally, accounting for 35 defaults this year, followed by 27 bankruptcy-related defaults, 21 defaults resulting from missed interest or principal payments, nine confidential defaults, and one default stemming from regulatory intervention.

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