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Prospect News, S&P each report two news defaults for April 30-May 6
By Caroline Salls
Pittsburgh, May 8 – Prospect News reported two new defaults for the period of April 30 through May 6.
Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Magnetation LLC and Corinthian Colleges, Inc.
Prospect News has reported 69 defaults so far in 2015, including 28 Chapter 11 bankruptcy filings, 14 missed interest payments, eight Companies’ Creditors Arrangement Act filings, six distressed exchanges, four Chapter 15 bankruptcy filings, three bankruptcy filings, two missed principal payments and one each of judicial recovery requests, reorganizations, missed interest payments paid within the grace period and missed principal and interest payments.
Meanwhile, Standard & Poor’s reported two defaults for the period, raising its year-to-date default tally to 34.
Specifically, S&P said it lowered its corporate credit rating on Halcon Resources Corp. to SD from CCC+ following the company’s announcement that it completed an agreement with its senior unsecured noteholders to exchange portions of notes for common stock.
In addition, the ratings agency said it lowered its corporate credit rating on Magnetation to D from B- after its Chapter 11 bankruptcy filing.
Of the 34 issuers that have defaulted so far this year, S&P said 20 are based in the United States, seven in the emerging markets, five in Europe and two in the other developed nations, including Australia, Canada, Japan and New Zealand.
So far in 2015, S&P said 13 issuers defaulted as a result of missed interest or principal payments, eight each because of distressed exchanges and bankruptcy filings and two because of regulatory intervention. The other three defaults were confidential.
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