Prospect News reports four new defaults for week of May 7 to May 13

By Caroline Salls

Pittsburgh, May 15 – Prospect News reported four new defaults for the period of May 7 through May 13.

Specifically, Prospect News reported TORM A/S’ scheme of arrangement, Patriot Coal Corp.’s Chapter 11 bankruptcy filing, Shortline plc’s default on its $500 million of 9½% loan participation notes due 2018 and Cimento Tupi SA’s missed payment on its $185 million of 9¾% senior notes due 2018.

In addition, Prospect News reported a Chapter 11 bankruptcy filing made by American Eagle Energy Corp. and Connacher Oil & Gas Ltd.’s distressed exchange related to its C$350 million of 8¾% notes due Aug. 1, 2018 and its $550 million of 8½% notes due Aug. 1, 2019.

However, American Eagle Energy previously defaulted in connection with a missed March 2 interest payment on its $185 million of 9¾% senior notes due 2018, and Connacher previously defaulted in connection with a Feb. 1 missed interest payment.

Prospect News has reported 74 defaults so far in 2015, including 31 Chapter 11 bankruptcy filings, 12 missed interest payments, eight Companies’ Creditors Arrangement Act filings, seven 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, missed payments, missed principal and interest payments, defaults and schemes of arrangement.

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