Prospect News reports six new defaults for Dec. 8-Dec. 14

By Sarah Lizee

Olympia, Wash., Dec. 16 – Prospect News reported six new defaults for the period of Dec. 8 through Dec. 14.

Specifically, Prospect News reported Chapter 11 filings made by American International Group, Inc. subsidiary AIG Financial Products Corp., Sears Hometown Stores, Inc., Medly Health Inc. and Clovis Oncology, Inc., a Chilean bankruptcy by Three Valley Copper Corp. subsidiary Minera Tres Valles, and a scheme of arrangement by China Fortune Land Development Co., Ltd.

Prospect News also reported a Chapter 11 filing made by FedNat Holding Co., but the company had already defaulted in September through a missed interest payment.

So far in 2022, Prospect News has reported 157 defaults, including 79 Chapter 11 filings, 33 missed interest payments, 13 missed principal and interest payments, 10 Chapter 15 filings, eight missed principal payments, two each of bankruptcies, schemes of arrangements and liquidations, and one each of Chapter 7 filings, judicial managements, recapitalizations, reorganizations, missed interest payments paid within a grace period, administrations, restructurings and missed payments.

The companies that filed Chapter 11 during the week reported at least $535 million in assets and at least $38.45 billion in debt.

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