Prospect News reports no new defaults for Feb. 8 to Feb. 14, S&P one

By Caroline Salls

Pittsburgh, Feb. 16 – Prospect News reported no new defaults for the week of Feb. 8 through Feb. 14.

So far in 2018, Prospect News has reported 22 defaults, including 12 Chapter 11 bankruptcy filings, three bankruptcies, two missed interest payments and one each of restructurings, recapitalizations, compulsory liquidations, distressed exchanges and missed principal and interest payments.

Meanwhile, Standard & Poor’s said its 2018 global corporate default tally reached 14 after Remington Outdoor Co. Inc. defaulted during the week.

Specifically, S&P said it lowered its corporate credit rating on Remington to D from CCC- on Feb. 13 because the interest payment on the company's term loan B was not made within the stated five-day grace period.

At this point in 2017, S&P said the global corporate default tally was 12.

The ratings agency said four of the 14 defaults in 2018 have come from the oil and gas sector, two each from media and entertainment and finance companies and one each from aerospace and defense, capital goods, retail and restaurants, consumer products, homebuilders and real estate and chemicals, packaging and environmental services.

Of the 14 defaults this year, S&P said eight are from the United States, and two each are from the other developed regions, Europe and emerging markets.

So far in 2018, S&P said distressed exchanges have caused six defaults, followed by bankruptcy and missed interest payments with three each. Two defaults were confidential.

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