Prospect News reports six new defaults for Oct. 12 through Oct. 18

By Sarah Lizee

Olympia, Wash., Oct. 20 – Prospect News reported six new defaults for Oct. 12 through Oct. 18.

Specifically, Prospect News reported Chapter 11 filings made by Z Gallerie, LLC (DirectBuy Home Improvement, Inc.), Output Services Group Inc., Rite Aid Corp., Prima Wawona (MVK FarmCo LLC), IronNet, Inc. and RevitaLid Pharmaceutical Corp. (RVL Pharmaceuticals plc).

So far in 2023, Prospect News has reported 216 defaults, including 142 Chapter 11 filings; 29 missed interest payments; 15 missed principal and interest payments; eight Chapter 15 filings; six CCAA filings; three missed principal payments; two each of liquidations, conciliations, Chapter 7 filings and recapitalizations; and one each of missed interest payments paid within a grace period, bankruptcies, reorganizations, judicial reorganizations and schemes of arrangement.

The companies that filed Chapter 11 during the week reported at least $8.71 billion in assets and at least $10.25 billion in liabilities collectively. The bulk of those figures came from Rite Aid, which posted $7.65 billion in assets and $8.6 billion in debt.

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