Prospect News reports seven new defaults for Feb. 25-March 2, S&P one

By Caroline Salls

Pittsburgh, March 4 – Prospect News reported seven new defaults for the period of Feb. 25 through March 2.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by SH 130 Concession Co., LLC, TSA Stores, Inc. (Sports Authority) and Republic Airways Holdings Inc., as well as Ultra Resources, Inc.’s missed senior notes interest payment, Havila Shipping ASA’s missed interest payment on its senior bond issue 2012/2016, Chaparral Energy, Inc.’s missed interest payment on its 8¼% senior notes due 2021 and Golden Energy Offshore Services AS’ missed principal and interest payments on its senior secured callable bond issue 2014/2017.

In addition, Prospect News reported Abengoa, SA and Puerto Rico Public Finance Corp. missed interest payments, but both of those issuers had previously defaulted.

Prospect News has reported 55 defaults so far for 2016, including 24 missed interest payments, 21 Chapter 11 bankruptcy filings, two each of insolvencies and missed principal and interest payments and one each of administrations, CCAA filings, Chapter 7 bankruptcy filings, Chapter 15 bankruptcy filings, judicial management requests and missed principal payments.

Meanwhile, Standard & Poor’s reported one new default and one previous default during the week, increasing its year-to-date default tally to 22.

Specifically, S&P lowered its long-term and short-term foreign and local currency counterparty credit ratings on CB Intercommerz Ltd. to R/R from B-/C on Feb. 1 after the Central Bank of Russia suspended the authority of the bank’s management.

This week, S&P lowered the corporate credit rating on Chaparral to D from CCC- as a result of the company’s missed interest payment.

Of the 22 defaulting issuers so far in 2016, S&P said eight defaulted because of missed interest payments, six as a result of distressed exchanges, four after bankruptcy filings, two on de facto restructurings, one because of a missed principal and interest payment and one because of a regulatory intervention.

S&P said 19 of the 22 defaulted issuers are based in the United States, two are in the emerging markets, and one is in the other developed region, which includes Australia, Canada, Japan and New Zealand.

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