Prospect News reports two new defaults for week of July 17 to July 23

By Caroline Salls

Pittsburgh, July 25 – Prospect News reported two new defaults for the period of July 17 through July 23.

Specifically, Prospect News reported IAP Worldwide Services Inc.’s distressed exchange related to the conversion of more than 80% of its debt into equity and Espirito Santo International SA’s controlled management request.

Prospect News also reported Rio Forte Investments SA’s controlled management request and Urbi Desarrollos Urbanos, SAB de CV’s July 15 missed principal payment on its Urbi 11 bond issue. However, Rio Forte previously defaulted in connection with a July 16 missed principal payment, and Urbi previously defaulted in connection with an April 1 missed interest payment.

Prospect News has reported 82 defaults so far for 2014, including 42 Chapter 11 bankruptcy filings, 11 missed interest payments, five Chapter 15 bankruptcy filings, three controlled management requests, two each of concurso mercantil filings, Companies’ Creditors Arrangement Act filings, administrations and missed principal and interest payments and one of each of defaults, restructurings, bankruptcy filings, judicial recovery requests, Chapter 7 bankruptcy filings, missed interest payments paid within the grace period, missed principal payments, missed payments, reconstructions, reorganizations, insolvencies, distressed exchanges and liquidations.

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