Prospect News reports seven new defaults for Jan. 12-Jan. 18

By Sarah Lizee

Olympia, Wash., Jan. 20 – Prospect News reported seven new defaults for the period of Jan. 12 through Jan. 18.

Specifically, Prospect News reported Chapter 11 filings made by Party City Holdings, Inc., GigaMonster Networks, LLC, Performance Powersports Group, Inc., Bolta US Ltd. and Tricida, Inc., and missed interest payments on Exela Intermediate LLC’s 10% first-priority senior secured notes due 2023 and 11½% first-priority senior secured notes due 2026.

Prospect News also reported a missed principal and interest payment on Dangdai International Investments Ltd.’s (Wuhan Dangdai Science & Technology Industries (Group) Ltd.) 10½% guaranteed senior notes due 2023, but the company had already defaulted by missing principal and interest payments in 2022.

So far in 2023, Prospect News has reported 17 defaults, including 11 Chapter 11 filings, four missed interest payments and two missed principal and interest payments.

The companies that filed Chapter 11 during the week reported at least $2.09 billion in assets and at least $1.43 billion in debt collectively.

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