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Credit Trends: The Economic Impact Of Default Is Falling As Selective Defaults Rise

(Editor's Note: This article is the third in a series covering aspects of the speculative-grade market, including how it has evolved prior to and as a result of the COVID-19 pandemic, as well as expectations for speculative-grade ratings and market performance.)

Selective Defaults Have Become More Frequent Since The Financial Crisis

Selective defaults--a default by an obligor which we feel has selectively defaulted on a specific issue or class of obligations but will continue to meet its payment obligations on others in a timely manner--have become a larger proportion of all defaults in the U.S. since the global financial crisis (GFC; see chart 1). In fact, since 2016, the ratio of the selective default rate to the overall rate has averaged 51%, and it reached an all-time high in June, at 57%.

Chart 1

image

In Europe, this shift to selective defaults happened during the GFC as well--and to an even greater extent (see chart 2). Twice--in the summer of 2010 and the first three months of 2016--there were 12-month periods in which all defaults in Europe were selective defaults. Since 2011, the proportion of the overall speculative-grade default rate attributable to selective defaults has averaged 71%, finishing the 12-months-ended June 2021 at 76%.

In general, a higher proportion of selective defaults in Europe is to be expected. The bankruptcy process is typically more costly or punitive for business owners in Europe than for those in the U.S. because there is no comparable Chapter 11 bankruptcy code in Europe, which allows companies to reorganize their business. Bankruptcies in Europe generally result in more liquidations than reorganizations, and the legal process tends to take much longer.

Chart 2

image

The Rise In Selective Defaults Is Led By Distressed Exchanges

One of the more popular forms of selective default in the post-GFC period has been distressed exchanges and other types of debt exchanges. We consider distressed exchanges as tantamount to default, resulting in the issue receiving a 'D' rating (default), and often the issuer credit rating being moved to 'SD' (selective default). The issuer credit rating could move to 'D' if we believe the restructuring is more generalized. For more detail on our criteria for treatment of distressed exchanges, see "S&P Global Ratings Definitions," Jan. 5, 2021.

In the U.S., there have been a few times in the last 13 years when the default rate of distressed exchanges has equaled or exceeded that of all other types of defaults--notably right after the GFC and today (see chart 3). Interestingly, the default rate of distressed exchanges lags that of all other types during large default cycles, or recessions, including the most recent one in 2020. That said, during the 2014-2016 period, which saw increased defaults among energy and natural resources, the default rate for distressed exchanges did the opposite: it led the default rate of all other types.

During periods of widespread economic stress such as recessions, it is more likely that the weakest firms will default first, and given their weaker finances, lenders are less likely to engage in a restructuring of their existing debt if they believe the firm will not have the liquidity or solvency to survive a prolonged downturn. In contrast, if a recession is believed to be over and the economy is on the rebound, residual financial stress could be more appropriately mediated via a distressed exchange if lenders believe renewed revenues are around the corner.

In the case of the 2014-2016 period, the opposite trend could have been a result of the belief by both issuers and investors in the commodities sectors that the fall in oil and metals prices at the time was going to be temporary. During this time, defaults in the U.S. were dominated by these sectors. This could have increased the tolerance for distressed exchanges in those sectors if the belief was that prices would rise before too long.

Chart 3

image

Similar patterns are also observed in Europe, but with distressed exchanges having an even larger impact on the overall default rate (see chart 4). Here, too, the peak default rate for distressed exchanges comes later than other types of defaults during major default cycles that typically happen around recessions. This lag in the distressed exchange-based default rate during widespread stress seems to come slightly later in Europe as well, at roughly six months.

Chart 4

image

Distressed Exchanges Carry Higher Recovery Rates

Our annual U.S. recovery studies have shown that ultimate discounted recovery rates on bonds that went through a distressed exchange are higher than recovery rates after bankruptcies. This has been true over the long term, but this difference has been accentuated in the last few years (see chart 5). In fact, since 2018, senior secured bonds have averaged a 75% recovery following a distressed exchange (22 percentage points higher than the average bankruptcy restructuring over the same period), and senior unsecured bonds have averaged a 67% recovery following a distressed exchange (more than 50 percentage points higher than the average bankruptcy restructuring over the same period).

Chart 5

image

Of course, recoveries on distressed exchanges can perhaps be more appropriately thought of as haircuts to bondholders. We have also observed that many selective defaults eventually lead to additional defaults later on, including bankruptcies (see "Out-Of-Court Restructurings May Lead To Repeat Defaults Among Distressed U.S. And Canadian Corporates," May 11, 2021). Since 2008, roughly 21% (203) of all the defaults in the U.S. have been repeat defaults--meaning the issuer has defaulted at least once before. Of those, over three-quarters are distressed exchanges (155). Of the repeat defaults that are distressed exchanges, 46 resulted in bankruptcy. This amounts to about 4.7% of all defaults observed since 2008. And many of these defaults following a previous distressed exchange have come from the energy and natural resources sector (36%). We have also observed that the average time between a distressed exchange and subsequent default (of any type) is just over two years, with a median time of 1.4 years.

Lower economic losses and higher recoveries for distressed exchanges, combined with an increasing percentage of the default total being attributable to distressed exchanges, implies that--on average--the full economic cost of default to lenders has been falling over time since the financial crisis.

Loose monetary policies by central banks in recent years, particularly pushing interest rates to zero or lower, have certainly encouraged more investors into riskier asset classes such as speculative-grade debt. However, a secondary factor could be the trend toward more selective defaults and distressed exchanges in recent years, which carry much higher recovery rates. Because we consider these events tantamount to default, our issuer credit ratings still reflect high probability of default for weaker issuers regardless of the ultimate type of default. If more defaults are coming from selective defaults and distressed exchanges, their higher recovery rates may also be supporting what appears to be an increasing risk appetite among investors in recent years--as opposed to just looking at issuance and rating distribution trends alone.

Table 1

Historical Distressed Exchanges In The U.S. And Europe
Issuer Industry Country Region Default Type Default Date

French Lick Resorts & Casino LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 4/30/2008

Residential Capital LLC

Financial Institutions United States of America U.S. Distressed Exchange 6/4/2008

Six Flags Entertainment Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/16/2008

Viskase Cos. Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 10/10/2008

Finlay Fine Jewelry Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 12/3/2008

Hovnanian Enterprises Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 12/5/2008

Neff Corp.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 12/16/2008

iHeartCommunications Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/23/2008

Caesars Entertainment Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/24/2008

Level 3 Communications Inc.

Telecommunications United States of America U.S. Distressed Exchange 12/29/2008

Ally Financial Inc.

Financial Institutions United States of America U.S. Distressed Exchange 12/31/2008

Residential Capital LLC

Financial Institutions United States of America U.S. Distressed Exchange 12/31/2008

Bonten Media Group Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 1/30/2009

Scottish Annuity & Life Insurance Co. (Cayman) Ltd.

Insurance Cayman Islands U.S. Distressed Exchange 1/30/2009

American Achievement Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 2/27/2009

Bite Finance International B.V.

Telecommunications Lithuania Europe Distressed Exchange 3/19/2009

Freescale Semiconductor Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 3/27/2009

Ply Gem Industries Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 3/31/2009

Sensata Technologies B.V.

Aerospace/Automotive/Capital Goods/Metal Netherlands Europe Distressed Exchange 3/31/2009

Nexstar Media Group Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 4/2/2009

NXP B.V.

High Tech/Computers/Office Equipment Netherlands Europe Distressed Exchange 4/2/2009

Kraton Corp.

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/3/2009

Ford Motor Co.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 4/6/2009

Noranda Aluminum Holding Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/6/2009

BCBG Max Azria Group Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/7/2009

CMP Susquehanna Radio Holdings Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 4/8/2009

Caesars Entertainment Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 4/15/2009

French Lick Resorts & Casino LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 4/15/2009

Barrington Broadcasting LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 4/21/2009

Emmis Communications Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 4/21/2009

Hexion Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/21/2009

NTK Holdings Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 4/21/2009

Synagro Technologies Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 4/27/2009

Rexnord LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 4/30/2009

Workflow Management Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 5/1/2009

Wolverine Tube Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/4/2009

Technicolor S.A.

High Tech/Computers/Office Equipment France Europe Distressed Exchange 5/7/2009

Sonic Automotive Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/8/2009

Standard Motor Products Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/8/2009

NES Rentals Holdings Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/13/2009

Dana Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/21/2009

Berry Global Group Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 5/22/2009

Newport Television Holdings LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 6/2/2009

Hawker Beechcraft Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 6/5/2009

Travelport Holdings Ltd.

Transportation United States of America U.S. Distressed Exchange 6/5/2009

Kinetek Holdings Corp.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 6/10/2009

Momentive Performance Materials Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 6/15/2009

William Lyon Homes

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 6/15/2009

Sabre Holdings Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/16/2009

Hovnanian Enterprises Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 6/17/2009

Affinity Group Holding Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/19/2009

Allis-Chalmers Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/29/2009

The McClatchy Co.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/29/2009

NXP B.V.

High Tech/Computers/Office Equipment Netherlands Europe Distressed Exchange 7/13/2009

Omnimax International Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 7/14/2009

Travelport LLC

Transportation United States of America U.S. Distressed Exchange 7/14/2009

CEVA Group PLC

Transportation Netherlands Europe Distressed Exchange 7/20/2009

Kellwood Co.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/23/2009

Headwaters Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 7/28/2009

Treofan Holdings GmbH

Health Care/Chemicals Germany Europe Distressed Exchange 7/29/2009

Pier 1 Imports Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/30/2009

FairPoint Communications Inc.

Telecommunications United States of America U.S. Distressed Exchange 7/31/2009

Unisys Corp.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 8/3/2009

Commercial Vehicle Group Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 8/6/2009

Peach Holdings Inc.

Financial Institutions United States of America U.S. Distressed Exchange 8/6/2009

American Achievement Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/7/2009

Duane Reade Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/10/2009

MXEnergy Holdings Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/12/2009

Head N.V.

Leisure Time/Media Netherlands Europe Distressed Exchange 8/14/2009

CIT Group Inc.

Financial Institutions United States of America U.S. Distressed Exchange 8/17/2009

Beazer Homes USA Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 8/18/2009

ARINC Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 8/28/2009

iHeartCommunications Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 8/28/2009

Golden Nugget Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 9/28/2009

Realogy Group LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 9/29/2009

Datasite Global Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 9/30/2009

NewPage Corp.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 9/30/2009

Appvion Operations Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 10/1/2009

Advanstar Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 10/2/2009

Coinmach Service Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/9/2009

Quality Distribution Inc.

Transportation United States of America U.S. Distressed Exchange 10/15/2009

Cornerstone Building Brands Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 10/20/2009

Magyar Telecom B.V.

Telecommunications Netherlands Europe Distressed Exchange 11/4/2009

Delance Ltd.

Aerospace/Automotive/Capital Goods/Metal Cyprus Europe Distressed Exchange 11/9/2009

Libbey Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 11/11/2009

Energy XXI Ltd.

Energy and Natural Resources Bermuda U.S. Distressed Exchange 11/13/2009

Energy Future Holdings Corp.

Utility United States of America U.S. Distressed Exchange 11/16/2009

WIND Hellas Telecommunications S.A.

Telecommunications Greece Europe Distressed Exchange 11/17/2009

Ambac Assurance Corp.

Insurance United States of America U.S. Distressed Exchange 11/18/2009

Integra Telecom Inc.

Telecommunications United States of America U.S. Distressed Exchange 11/20/2009

Mercer International Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 12/11/2009

Yellow Corp.

Transportation United States of America U.S. Distressed Exchange 1/4/2010

United Site Services Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 1/7/2010

Builders FirstSource Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 1/25/2010

Jacuzzi Brands Corp.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 1/25/2010

Reddy Ice Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 3/25/2010

HIT Entertainment Ltd.

Leisure Time/Media United States of America U.S. Distressed Exchange 4/21/2010

Sagittarius Restaurants LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/24/2010

Rivers Pittsburgh Borrower L.P

Leisure Time/Media United States of America U.S. Distressed Exchange 6/2/2010

Spirit Realty Capital Inc.

Real Estate United States of America U.S. Distressed Exchange 6/10/2010

American Capital Ltd.

Financial Institutions United States of America U.S. Distressed Exchange 6/28/2010

WIND Hellas Telecommunications S.A.

Telecommunications Greece Europe Distressed Exchange 7/5/2010

LNR Property LLC

Financial Institutions United States of America U.S. Distressed Exchange 7/30/2010

Energy Future Holdings Corp.

Utility United States of America U.S. Distressed Exchange 8/17/2010

Urban One Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 8/24/2010

Contech Engineered Solutions LLC

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 11/2/2010

Marsico Parent Co. LLC

Financial Institutions United States of America U.S. Distressed Exchange 11/11/2010

SuperMedia Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/20/2010

Brookstone Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 12/23/2010

Kate Spade & Co.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/11/2011

Vistra Corp.

Utility United States of America U.S. Distressed Exchange 4/20/2011

Keystone Automotive Operations Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/28/2011

Yellow Corp.

Transportation United States of America U.S. Distressed Exchange 7/27/2011

Travelport Holdings Ltd.

Transportation United States of America U.S. Distressed Exchange 10/5/2011

Hovnanian Enterprises Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 11/2/2011

Aquilex Holdings LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 12/16/2011

GMX Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/16/2011

SuperMedia Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/16/2011

Dune Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/23/2011

Hanley Wood LLC

Leisure Time/Media United States of America U.S. Distressed Exchange 1/17/2012

hibu PLC

Leisure Time/Media United Kingdom Europe Distressed Exchange 1/19/2012

Mohegan Tribal Gaming Authority

Leisure Time/Media United States of America U.S. Distressed Exchange 3/7/2012

Dex One Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 3/23/2012

Barneys New York Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/8/2012

Verso Paper Holdings LLC

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 5/11/2012

PBG S.A.

Aerospace/Automotive/Capital Goods/Metal Poland Europe Distressed Exchange 5/31/2012

Central European Media Enterprises Ltd.

Leisure Time/Media Bermuda U.S. Distressed Exchange 6/22/2012

Kleopatra Lux 1 S.a.r.l

Transportation Luxembourg Europe Distressed Exchange 6/25/2012

Broadview Networks Holdings Inc.

Telecommunications United States of America U.S. Distressed Exchange 7/23/2012

Marsico Holdings LLC

Financial Institutions United States of America U.S. Distressed Exchange 9/11/2012

GMX Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/21/2012

James River Coal Co.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/7/2012

IAP Worldwide Services Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 11/29/2012

Energy Future Holdings Corp.

Utility United States of America U.S. Distressed Exchange 12/6/2012

LBI Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 1/3/2013

Vistra Corp.

Utility United States of America U.S. Distressed Exchange 1/31/2013

Norske Skogindustrier ASA

Forest & Building Products/Homebuilders Norway Europe Distressed Exchange 2/12/2013

Yioula Glassworks S.A.

Forest & Building Products/Homebuilders Greece Europe Distressed Exchange 2/26/2013

Travelport Holdings Ltd.

Transportation United States of America U.S. Distressed Exchange 4/16/2013

Mastro's Restaurants LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/3/2013

Jacuzzi Brands Corp.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 7/18/2013

LBI Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 8/29/2013

Winsway Enterprises Holdings Ltd.

Transportation British Virgin Islands Europe Distressed Exchange 10/10/2013

American Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 11/15/2013

Affinion Group Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/17/2013

Songa Offshore SE

Energy and Natural Resources Cyprus Europe Distressed Exchange 12/23/2013

Cognor Holding S.A.

Energy and Natural Resources Poland Europe Distressed Exchange 2/4/2014

Travelport Holdings Ltd.

Transportation United States of America U.S. Distressed Exchange 3/5/2014

Guitar Center Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/3/2014

Affinion Group Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/10/2014

Corporate Risk Holdings LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/3/2014

Walter Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/14/2014

Alion Science and Technology Corp.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 8/19/2014

American Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 9/11/2014

Hidili Industry International Development Ltd.

Energy and Natural Resources Cayman Islands U.S. Distressed Exchange 10/22/2014

Molycorp Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/26/2014

LBI Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/23/2014

iPayment Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 12/30/2014

China Dili Group

Real Estate Cayman Islands U.S. Distressed Exchange 1/8/2015

Verso Paper Holdings LLC

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 1/8/2015

Talon PIKco N.V.

Leisure Time/Media Belgium Europe Distressed Exchange 1/29/2015

Norske Skogindustrier ASA

Forest & Building Products/Homebuilders Norway Europe Distressed Exchange 2/27/2015

Liberty Tire Recycling Holdco LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/3/2015

Venoco Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/3/2015

Halcon Resources Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/1/2015

SandRidge Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/20/2015

Midstates Petroleum Co. Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/22/2015

Warren Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/27/2015

Project Porsche Holdings Corp.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 6/15/2015

White Star Petroleum LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/25/2015

Ferrexpo PLC

Energy and Natural Resources United Kingdom Europe Distressed Exchange 7/6/2015

ASG Consolidated LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/11/2015

SandRidge Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/14/2015

Wilton Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/24/2015

SAExploration Holdings Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/27/2015

Halcon Resources Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/28/2015

Goodrich Petroleum Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/2/2015

Floworks International LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/29/2015

SandRidge Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 10/8/2015

Logan's Roadhouse Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/20/2015

EXCO Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 10/21/2015

NYDJ Apparel LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/23/2015

EXCO Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/3/2015

Affinion Group Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 11/10/2015

Getty Images Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 12/11/2015

Heckler & Koch GmbH

Aerospace/Automotive/Capital Goods/Metal Germany Europe Distressed Exchange 12/22/2015

Cognor Holding S.A.

Energy and Natural Resources Poland Europe Distressed Exchange 12/30/2015

Murray Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 1/29/2016

Constellation Enterprises LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 2/2/2016

Sheridan Investment Partners I LLC

Financial Institutions United States of America U.S. De Facto Restructuring 2/2/2016

Sheridan Investment Partners II LP

Financial Institutions United States of America U.S. De Facto Restructuring 2/2/2016

Comstock Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 2/4/2016

A.M. Castle & Co.

Energy and Natural Resources United States of America U.S. Debt Exchange 2/9/2016

PetroQuest Energy Inc.

Energy and Natural Resources United States of America U.S. Debt Exchange 2/18/2016

Prospect Holding Company LLC

Financial Institutions United States of America U.S. Distressed Exchange 3/8/2016

Town Sports International Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 3/8/2016

Nuverra Environmental Solutions Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 3/17/2016

American Media Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 3/23/2016

Rex Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/4/2016

Cleveland-Cliffs Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/12/2016

Norske Skogindustrier ASA

Forest & Building Products/Homebuilders Norway Europe Distressed Exchange 4/13/2016

Community Choice Financial

Financial Institutions United States of America U.S. Distressed Exchange 4/22/2016

White Star Petroleum LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/28/2016

Ion Geophysical Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/29/2016

Fairmount Santrol Inc

Energy and Natural Resources United States of America U.S. De Facto Restructuring 5/5/2016

Claire's Stores Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/6/2016

Denbury Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/12/2016

Intelsat S.A.

Telecommunications Luxembourg Europe Distressed Exchange 5/12/2016

Chesapeake Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/13/2016

Sable Permian Resources Finance LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/13/2016

The Gymboree Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/27/2016

HighPoint Resources Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/6/2016

Chesapeake Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/9/2016

Cenveo Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/10/2016

Fieldwood Energy LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/13/2016

MD America Energy LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 7/5/2016

FTS International Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 7/6/2016

CNG Holdings Inc.

Financial Institutions United States of America U.S. De Facto Restructuring 8/5/2016

Vanguard Natural Resources LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/11/2016

Sterling Mid-Holdings Ltd.

Financial Institutions Jersey Europe Distressed Exchange 8/18/2016

Sidewinder Drilling Inc.

Utility United States of America U.S. Distressed Exchange 8/23/2016

California Resources Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/24/2016

W&T Offshore Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/9/2016

Chesapeake Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/19/2016

Claire's Stores Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 9/21/2016

Cloud Peak Energy Resources LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/23/2016

Intelsat S.A.

Telecommunications Luxembourg Europe Distressed Exchange 9/26/2016

PetroQuest Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 10/7/2016

Expro Holdings U.K. 3 Ltd.

Energy and Natural Resources United Kingdom Europe Distressed Exchange 10/28/2016

Cobalt International Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/9/2016

Jack Cooper Holdings Corp.

Transportation United States of America U.S. Distressed Exchange 12/9/2016

Isolux Corsan S.A.

Aerospace/Automotive/Capital Goods/Metal Spain Europe Distressed Exchange 12/23/2016

PGS ASA

Energy and Natural Resources Norway Europe Distressed Exchange 12/23/2016

Shelf Drilling Holdings Ltd.

Energy and Natural Resources Cayman Islands U.S. Distressed Exchange 1/11/2017

Approach Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 1/27/2017

Avanti Communications Group PLC

Telecommunications United Kingdom Europe Distressed Exchange 1/27/2017

iHeartCommunications Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 2/8/2017

Pinnacle Operating Corp.

Health Care/Chemicals United States of America U.S. Distressed Exchange 3/13/2017

EXCO Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 3/16/2017

Neovia Logistics LP

Transportation United States of America U.S. Distressed Exchange 3/20/2017

Talos Energy LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/10/2017

iPayment Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 4/11/2017

Sprint Industrial Holdings LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 4/13/2017

Iracore International Holdings Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/18/2017

Sequa Corp.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 5/1/2017

Sable Permian Resources Finance LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/3/2017

Affinion Group Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 5/11/2017

W3 Topco LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/22/2017

Aurora Diagnostics Holdings LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 6/6/2017

Novartex

Consumer/Service Sector France Europe Distressed Exchange 6/6/2017

GenOn Energy Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/14/2017

Mood Media Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/29/2017

J. Crew Group Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/12/2017

Hornbeck Offshore Services Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/9/2017

Tops Holding II Corporation

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/10/2017

MIE Holdings Corp.

Energy and Natural Resources Cayman Islands U.S. Distressed Exchange 8/28/2017

Floworks International LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/6/2017

Brock Holdings II Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 10/30/2017

99 cents only stores LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 11/8/2017

Sterling Mid-Holdings Ltd.

Financial Institutions Jersey Europe Distressed Exchange 11/27/2017

Bibby Offshore Holdings Ltd.

Energy and Natural Resources United Kingdom Europe Distressed Exchange 12/6/2017

Denbury Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/11/2017

EP Energy LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/21/2017

GNC Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 12/27/2017

Expro Holdings U.K. 3 Ltd.

Energy and Natural Resources United Kingdom Europe Distressed Exchange 1/2/2018

Liberty Tire Recycling Holdco LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 1/4/2018

Hovnanian Enterprises Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 1/30/2018

BrightHouse Group Plc

Financial Institutions United Kingdom Europe Distressed Exchange 2/5/2018

Charlotte Russe Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 2/5/2018

Iconix Brand Group Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 2/23/2018

PaperWorks Industries Holding Corp.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 3/6/2018

Sears Roebuck Acceptance Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 3/22/2018

Bertucci's Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/15/2018

Guitar Center Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/16/2018

Northern Oil and Gas Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/16/2018

Proserv Group Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/21/2018

Triple Point Group Holdings Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 5/23/2018

Westmoreland Coal Co.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/29/2018

Murray Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/15/2018

Trident Holding Company LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 6/22/2018

Community Health Systems Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 6/26/2018

Del Monte Foods Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 6/28/2018

Intelsat S.A.

Telecommunications Luxembourg Europe Distressed Exchange 7/13/2018

House of Fraser (UK & Ireland) Ltd.

Consumer/Service Sector United Kingdom Europe Distressed Exchange 7/30/2018

Windstream Holdings Inc.

Telecommunications United States of America U.S. Distressed Exchange 8/3/2018

Legacy Reserves LP

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/21/2018

China Automation Group Ltd.

High Tech/Computers/Office Equipment Cayman Islands U.S. Distressed Exchange 11/25/2018

Sterling Mid-Holdings Ltd.

Financial Institutions Jersey Europe Distressed Exchange 12/13/2018

Ultra Petroleum Corp

Energy and Natural Resources United States of America U.S. Distressed Exchange 1/2/2019

API Heat Transfer Co.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 1/15/2019

New Look Retail Group Ltd.

Consumer/Service Sector United Kingdom Europe Distressed Exchange 1/31/2019

Hornbeck Offshore Services Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 2/7/2019

Novasep Holding S.A.S.

Health Care/Chemicals France Europe Distressed Exchange 2/21/2019

One Call Corp.

Insurance United States of America U.S. Distressed Exchange 2/21/2019

Murray Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 3/21/2019

Evergreen AcqCo 1 LP

Consumer/Service Sector United States of America U.S. Distressed Exchange 3/28/2019

Debenhams PLC

Consumer/Service Sector United Kingdom Europe Distressed Exchange 4/4/2019

Curvature Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 4/5/2019

MIE Holdings Corp.

Energy and Natural Resources Cayman Islands U.S. Distressed Exchange 4/12/2019

Preferred Proppants LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/9/2019

The Neiman Marcus Group LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 6/11/2019

New Academy Holding Co. LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 6/14/2019

Denbury Resources Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/19/2019

Galapagos Holding S.A.

Aerospace/Automotive/Capital Goods/Metal Luxembourg Europe Distressed Exchange 6/21/2019

Mood Media Corp.

Leisure Time/Media United States of America U.S. Distressed Exchange 6/28/2019

99 cents only stores LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/23/2019

Burger BossCo Intermediate Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 9/3/2019

Chesapeake Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/13/2019

Premiere Global Services Inc.

Telecommunications United States of America U.S. Distressed Exchange 9/27/2019

syncreon Group Holdings B.V.

Consumer/Service Sector Netherlands Europe Distressed Exchange 10/2/2019

Medical Depot Holdings Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 10/7/2019

Rite Aid Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/15/2019

One Call Corp.

Insurance United States of America U.S. Distressed Exchange 10/31/2019

Hovnanian Enterprises Inc.

Forest & Building Products/Homebuilders United States of America U.S. Distressed Exchange 11/6/2019

APC Automotive Technologies Intermediate Holdings LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 11/13/2019

IPC Corp.

Telecommunications United States of America U.S. Distressed Exchange 11/14/2019

Community Health Systems Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 11/25/2019

Mallinckrodt plc

Health Care/Chemicals Ireland Europe Distressed Exchange 12/6/2019

PIZZAEXPRESS FINANCING 1 PLC

Consumer/Service Sector United Kingdom Europe Distressed Exchange 12/13/2019

TOMS Shoes LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 1/7/2020

Panda Green Energy Group Ltd.

Utility Bermuda U.S. Distressed Exchange 1/21/2020

Deoleo S.A.

Consumer/Service Sector Spain Europe Distressed Exchange 1/22/2020

Doncasters Group Ltd.

Aerospace/Automotive/Capital Goods/Metal United Kingdom Europe Distressed Exchange 1/29/2020

Pinnacle Operating Corp.

Health Care/Chemicals United States of America U.S. Distressed Exchange 1/30/2020

Moby SpA

Transportation Italy Europe Distressed Exchange 2/14/2020

Ascena Retail Group Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 3/12/2020

Optimas OE Solutions Holding LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 3/12/2020

Optiv Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 3/27/2020

Yida China Holdings Ltd.

Real Estate Cayman Islands U.S. Distressed Exchange 3/27/2020

Steak n Shake Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/1/2020

BW Homecare Holdings LLC

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/6/2020

Mister Car Wash Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/17/2020

Envision Healthcare Corp.

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/28/2020

Revlon Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/12/2020

Forum Energy Technologies Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/15/2020

Equinox Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 5/20/2020

Centennial Resource Development Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 5/21/2020

Guitar Center Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 5/21/2020

Noble Corp. PLC

Energy and Natural Resources United Kingdom Europe Distressed Exchange 6/2/2020

SM Energy Co.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/15/2020

CSI Compressco LP

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/16/2020

Jo-ann Stores LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 6/18/2020

Serta Simmons Bedding LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 6/23/2020

Summit Midstream Partners LP

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/23/2020

W&T Offshore Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/25/2020

Tupperware Brands Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/10/2020

Renfro Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/20/2020

Party City Holdings Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/27/2020

CB Poly Investments LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/28/2020

Never Slip Topco Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 7/28/2020

Missouri TopCo Ltd.

Consumer/Service Sector United Kingdom Europe Distressed Exchange 7/30/2020

AMC Entertainment Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 8/3/2020

Forum Energy Technologies Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/4/2020

Transocean Ltd.

Energy and Natural Resources Switzerland Europe Distressed Exchange 8/6/2020

Martin Midstream Partners L.P.

Energy and Natural Resources United States of America U.S. Distressed Exchange 8/14/2020

KCIBT Holdings LP

Consumer/Service Sector United States of America U.S. Distressed Exchange 8/24/2020

Boardriders Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 9/4/2020

MAI Holdings Inc.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 9/9/2020

Swissport Group S.a.r.l

Transportation Luxembourg Europe Distressed Exchange 9/9/2020

Distribuidora Internacional de Alimentacion S.A.

Consumer/Service Sector Spain Europe Distressed Exchange 9/15/2020

Technicolor S.A.

High Tech/Computers/Office Equipment France Europe Distressed Exchange 9/23/2020

Summit Midstream Partners LP

Energy and Natural Resources United States of America U.S. Distressed Exchange 9/25/2020

Jill Acquisition LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/1/2020

Toro Private Holdings I Ltd

Transportation United Kingdom Europe Distressed Exchange 10/1/2020

TMK Hawk Parent Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/7/2020

Ascent Resources Utica Holdings LLC

Energy and Natural Resources United States of America U.S. Distressed Exchange 10/8/2020

Anchor Glass Container Corp.

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 10/9/2020

Codere S.A.

Leisure Time/Media Spain Europe Distressed Exchange 10/15/2020

Alliance HealthCare Services

Health Care/Chemicals United States of America U.S. Distressed Exchange 10/19/2020

Central Security Group Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 10/19/2020

SAS AB

Transportation Sweden Europe Distressed Exchange 10/28/2020

Selecta Group B.V.

Consumer/Service Sector Netherlands Europe Distressed Exchange 10/28/2020

Hema B.V.

Consumer/Service Sector Netherlands Europe Distressed Exchange 10/30/2020

Nabors Industries Ltd.

Energy and Natural Resources Bermuda U.S. Distressed Exchange 10/30/2020

Nine Energy Service Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/5/2020

CDRH Parent Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 11/6/2020

Transocean Ltd.

Energy and Natural Resources Switzerland Europe Distressed Exchange 11/16/2020

Summit Midstream Partners Holdings LLC

Utility United States of America U.S. Distressed Exchange 11/18/2020

Revlon Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 11/19/2020

Northern Oil and Gas Inc.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/20/2020

SM Energy Co.

Energy and Natural Resources United States of America U.S. Distressed Exchange 11/25/2020

Cineworld Group PLC

Leisure Time/Media United Kingdom Europe Distressed Exchange 11/26/2020

Haya Real Estate S.A.U

Consumer/Service Sector Spain Europe Distressed Exchange 11/26/2020

Callon Petroleum Co.

Energy and Natural Resources United States of America U.S. Distressed Exchange 12/2/2020

Zellis Holdings Ltd.

High Tech/Computers/Office Equipment United Kingdom Europe Distressed Exchange 12/2/2020

Community Health Systems Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 12/9/2020

Populus Financial Group Inc

Financial Institutions United States of America U.S. Distressed Exchange 12/18/2020

Sungard AS New Holdings LLC

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 12/22/2020

HGIM Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 1/5/2021

Promotora de Informaciones S.A.

Leisure Time/Media Spain Europe Distressed Exchange 1/6/2021

Burger BossCo Intermediate Inc.

Consumer/Service Sector United States of America U.S. Distressed Exchange 1/8/2021

Riverbed Parent Inc.

High Tech/Computers/Office Equipment United States of America U.S. Distressed Exchange 1/8/2021

AMC Entertainment Holdings Inc.

Leisure Time/Media United States of America U.S. Distressed Exchange 1/21/2021

Imagine Group LLC (The)

Leisure Time/Media United States of America U.S. Distressed Exchange 1/27/2021

Peabody Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 2/3/2021

Renfro Corp.

Consumer/Service Sector United States of America U.S. Distressed Exchange 2/19/2021

CatLuxe Sarl

Consumer/Service Sector Luxembourg Europe Distressed Exchange 2/22/2021

Form Technologies LLC

Aerospace/Automotive/Capital Goods/Metal United States of America U.S. Distressed Exchange 2/22/2021

Sunshine 100 China Holdings Ltd.

Real Estate Cayman Islands U.S. Distressed Exchange 3/2/2021

AI Mistral Holdco Ltd.

Transportation United Kingdom Europe Distressed Exchange 3/23/2021

Avation PLC

Transportation United Kingdom Europe Distressed Exchange 3/26/2021

Ion Geophysical Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/14/2021

Summit Midstream Partners L.P.

Energy and Natural Resources United States of America U.S. Distressed Exchange 4/15/2021

Medical Depot Holdings Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 4/19/2021

Serta Simmons Bedding LLC

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/19/2021

Isagenix Worldwide Inc

Consumer/Service Sector United States of America U.S. Distressed Exchange 4/23/2021

Codere S.A.

Leisure Time/Media Spain Europe Distressed Exchange 4/30/2021

gategroup Holding AG

Transportation Switzerland Europe Distressed Exchange 5/10/2021

Voyager Aviation Holdings LLC

Transportation United States of America U.S. Distressed Exchange 5/10/2021

CDRH Parent Inc.

Health Care/Chemicals United States of America U.S. Distressed Exchange 5/14/2021

Peabody Energy Corp.

Energy and Natural Resources United States of America U.S. Distressed Exchange 6/3/2021
This table only includes publicly-rated issuers. S&P Global Market Intelligence's CreditPro®, S&P Global Ratings Research.

Appendix: Data Methodology

The default rates presented here include those adjusted for selective defaults and by the default type. Our default rates include those by issuers who have had their ratings previously withdrawn but whose default events were public and broadly qualified as defaults under our general criteria. However, because we were not actively rating these issuers at the time of default, these events were recorded as 'D' ratings, even if they may have been considered 'SD' had we rated them at the time. This may slightly understate the full extent of selective defaults and distressed exchanges in their respective default rates presented.

We have included de facto restructurings, debt exchanges, debt restructurings, and distressed exchanges under our definition of distressed exchanges in the charts above.

The presentations and conclusions here are based on our long-term issuer credit ratings and do not include credit estimates. Because of this, we mostly focused on larger companies and generally excluded small and medium enterprises.

Related Research

Contributors: Abinash Meher, Lyndon Fernandes, Ryan Peet, and Jessica Templeton-Lynch.

This report does not constitute a rating action.

Ratings Analytics Performance:Nick W Kraemer, FRM, New York + 1 (212) 438 1698;
nick.kraemer@spglobal.com

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