Prospect News reports four new defaults for Sept. 24-Sept. 30, S&P two

By Caroline Salls

Pittsburgh, Oct. 2 – Prospect News reported four new defaults for the period of Sept. 24 through Sept. 30.

Specifically, Prospect News reported DF Deutsche Forfait AG’s Schutzschirmverfahren in Eigenverwaltung filing, Hindustan Motors Ltd.’s missed principal and interest payment on its 10¼% non-convertible secured debentures and PJSC Bank Finance and Credit’s and Mirabela Nickel Ltd.’s administrations.

Prospect News has reported 132 defaults so far in 2015, including 65 Chapter 11 bankruptcy filings, 17 missed interest payments, 10 Companies’ Creditors Arrangement Act filings, eight distressed exchanges, five Chapter 15 bankruptcy filings, four bankruptcy filings, three administrations, two each of Chapter 7 bankruptcy filings, reorganizations, defaults, missed payments, missed principal and interest payments and missed principal payments and one each of Chapter 9 bankruptcy filings, arrangements of debt, judicial recovery requests, missed interest payments paid within the grace period, insolvencies, Schutzschirmverfahren in Eigenverwaltung, schemes of arrangement and moratoriums.

Meanwhile, Standard & Poor’s reported two new defaults for the week, raising its global year-to-date corporate default tally to 81.

Specifically, S&P said it lowered its long-term corporate credit rating on Edcon Holdings Ltd. to SD from CC following the closing of the company’s exchange offer for its €425 million of 13 3/8% senior unsecured notes due 2019.

In addition, S&P lowered its corporate credit rating on Floworks International LLC to SD from B- after the company repurchased some of its outstanding senior secured notes due 2019 at less than par.

The ratings agency said 26 of the 81 defaults so far this year resulted from distressed exchanges, 22 from missed interest or principal payments, 17 from bankruptcy filings, eight from regulatory intervention and one each from a judicial reorganization and a de facto debt-for-equity swap. The remaining six defaults were confidential.

Of the 81 defaulted issuers so far this year, S&P said 48 issuers are based in the United States, 17 are in emerging markets, 12 are in Europe, and four are in other developed nations, which include Australia, Canada, Japan and New Zealand.

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