Prospect News reports eight new defaults for week of May 14-May 20

By Caroline Salls

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

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Akorn, Inc., Hornbeck Offshore Services Inc., Exide Technologies, Inc., Centric Brands Inc., Comcar Industries, Inc. and Gavilan Resources LLC, a default on Green Growth Brands Inc.’s 5% secured convertible debentures and a missed interest payment on Audley Funding plc’s 6% 20-year series 2016-CI1 notes.

In addition, Prospect News reported Chapter 11 filings made by J.C. Penney Co., Inc. and Ultra Petroleum Corp., a Companies’ Creditors Arrangement Act case filed by Entrec Corp. and missed interest and principal payments on Reliance Capital Ltd.’s non-convertible debentures. However, those companies had all previously defaulted.

So far in 2020, Prospect News has reported 121 defaults, including 82 Chapter 11 bankruptcy filings, 19 missed interest payments, six missed payments, four CCAA filings, three missed principal payments, two administrations and one each of missed principal and interest payments, Chapter 15 bankruptcy filings, Danish Section 11b filings, defaults and Chapter 7 bankruptcy filings.

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