Prospect News reports six new defaults for Dec. 31 to Jan. 6, S&P one

By Caroline Salls

Pittsburgh, Jan. 8 – Prospect News reported six new defaults for the period of Dec. 31 through Jan. 6.

Specifically, Prospect News reported missed interest payments on Puerto Rico Infrastructure Financing Authority’s series 2005A–C and series 2006 special tax revenue bonds, Ukraine’s eurobond held by Russia and Argent Energy Trust’s 6% subordinated unsecured convertible debentures due June 30, 2018 and 6.5% subordinated unsecured convertible debentures due Dec. 30, 2018.

Also among new defaults, Prospect News reported missed principal and interest payments on Lombard Public Facilities Corp.’s series 2005C, series 2006C-2 and series 2006C-3 conference center and hotel third-tier revenue bonds and RCS Capital Corp.’s bank loans and convertible notes, as well as Iona Energy Co. (UK) plc and Iona UK Huntington Ltd.’s administration.

Prospect News also reported DF Deutsche Forfait AG’s insolvency proceedings, Swift Energy Co.’s Chapter 11 bankruptcy filing and China Shanshui Cement Group Ltd.’s missed interest payment on its 8½% senior notes due 2016. However, those three companies had previously defaulted.

Prospect News has reported six defaults so far for 2016, including two missed interest payments and one each of administrations, Chapter 11 bankruptcy filings, insolvencies and missed principal and interest payments.

Meanwhile, Standard & Poor’s reported one new default for the week, its first default of 2016.

Specifically, S&P lowered its long-term issuer credit rating on RCS Capital to D from CCC after the company said it entered into forbearance agreements with a majority of its first-lien and second-lien lenders and the holders of its existing convertible notes and announced that it intends to file Chapter 11 bankruptcy in late January.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.