Prospect News reports seven new defaults for Nov. 26-Dec. 2, S&P one

By Caroline Salls

Pittsburgh, Dec. 4 – Prospect News reported seven new defaults for the period of Nov. 26 through Dec. 2.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by BT Forest Park Realty Partners, LP and Forest Park Realty Partners III, LP, an insolvency filing made by Abengoa, SA and a receiver appointment for Spyglass Resources Corp., as well as China Fishery Group Ltd.’s liquidation and interest payments missed by Empresas ICA, SAB de CV, Swift Energy Co. and University Heights Ohio - Public Parking Garage Project.

In addition, Prospect News reported a Chapter 11 bankruptcy filing made by Vantage Drilling Co. subsidiary Offshore Group Investment Ltd. However, Vantage had previously defaulted in connection with a missed interest payment.

Prospect News has reported 166 defaults so far in 2015, including 79 Chapter 11 bankruptcy filings, 27 missed interest payments, 10 Companies’ Creditors Arrangement Act filings, nine distressed exchanges, seven Chapter 15 bankruptcy filings, four bankruptcy filings, three each of Chapter 7 bankruptcy filings, missed principal and interest payments, administrations and missed principal payments, two each of reorganizations, insolvencies, liquidations and defaults and one each of Chapter 9 bankruptcy filings, involuntary Chapter 11 filings, arrangements of debt, judicial recovery requests, missed payments, missed interest payments paid within the grace period, schemes of arrangement, Schutzschirmverfahren in Eigenverwaltung, receiver appointments and moratoriums.

Meanwhile, Standard & Poor’s reported one new default for the week, raising its year-to-date default count to 102.

Specifically, S&P said it lowered its corporate credit rating and issue-level ratings on Swift Energy to D from CCC after the company announced it wouldn’t be able to make the interest payment on its 7 1/8% senior notes due 2017 within the grace period.

So far in 2015, S&P said 32 of the 102 defaulted entities defaulted because of distressed exchanges, 29 because of missed interest or principal payments, 21 as a result of filing for bankruptcy protection, 10 because of regulatory intervention and one each as a result of a judicial reorganization, an administration appointment and completion of a de facto debt-for-equity swap. The remaining seven defaults were confidential.

Of the total defaulters so far this year, the ratings agency said 63 issuers are based in the United States, 21 in emerging markets, 13 in Europe, and five in the other developed nations, which includes Australia, Canada, Japan and New Zealand.

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