A yellow warning sign; exposure to junk bond default hazards

Junk Bond Bubble Dosimeter

Six years of the Federal Reserve’s zero percent interest rate policy (ZIRP) has created a bubble in junk bonds. Investors can’t beat inflation in safe assets any longer, so some of that money has poured into junk bonds and floating rate notes. Those inflows pushed more, and more, money into businesses of marginal quality. Should an economic contraction hit, many will default, and that will cause investors to liquidate junk bonds. Such a liquidation could likely cause a panic, in the same way that subprime defaults in 2007 eventually caused house prices to fall, banks to fail and the Global Financial Crisis. We call this the Junk Bond Bubble Dosimeter because a dosimeter measures exposure to hazards, especially radiation – we see junk bond defaults being radioactive.

We covered some further details here:

We’re going to use this page to list bankruptcies and junk bond defaults as they happen, since we feel the popping of this junk bond bubble has ramifications for every asset class, investor and economic participant. Should you see a significant bankruptcy we miss, please let us know via Twitter, or the Contact page. And, please check back often, because we’re likely to be adding names to the list quite often over the next year or two.

230 Major Bankruptcies & Defaults

DateCompanyIndustry
April 21, 2016 SunEdison IncRenewable Energy
April 15, 2016 Goodrich Petroleum CorpOil & Gas Exploration
April 13, 2016 Peabody Energy CorpCoal Mining
April 7, 2016 Pacific SunwearRetail
April 1, 2016 PostRock Energy Corp.Oil & Gas Exploration
March 29, 2016 Abeinsa Holding Inc. Energy
March 28, 2016 Southcross Holdings LPPipelines
March 27, 2016 Cetera Financial GroupFinancial Services
March 22, 2016 Emerald Oil Inc.Oil & Gas Exploration
March 18, 2016 Venoco Inc.Oil & Gas Exploration
March 14, 2016 ESP ResourcesEnergy Services
March 9, 2016 Aspect SoftwareTelecom Equipment
March 2, 2016 Sports Authority inc.Retail
March 2, 2016 SH 130 Concession Co LLCToll Roads
March 1, 2016 BH Sutton MezzReal Estate
February 25, 2016 Republic Airways Holdings Inc. Airline
February 14, 2016 Paragon Offshore PlcEnergy Services
February 11, 2016 Sundevil Holdings Holdings LLCElectric Power
February 8, 2016 Noranda Aluminum Holding CorpAluminum
February 3, 2016 Newbury Common Associates LLCReal Estate
February 2, 2016 Hancock FabricsRetail
February 2, 2016 Peregrine Midstream Partners LLCEnergy Services
February 2, 2016 Horsehead Holding Corp.Mining
January 31, 2016 RCS Capital Corp.Finance
January 26, 2016 Verso PaperPaper
January 18, 2016 Primorsk International Shipping Ltd.Transportation
January 15, 2016 MetinvestMining
January 11, 2016 Arch CoalCoal Mining
January 11, 2016 Sherwin Alumina Co, LLC.Commodity Producer
December 31, 2015 Swift Energy Co.Oil & Gas Exploration
December 29, 2015 DF InvestmentsConstruction
December 17, 2015 New Gulf Resources Oil & Gas Exploration
December 15, 2015 Magnum Hunter ResourcesOil & Gas Exploration
December 14, 2015 Seaboard RealtyCommercial Real Estate
December 12, 2015 Cubic Energy Oil & Gas Exploration
December 7, 2015 Energy & Exploration PartnersOil & Gas Exploration
December 3, 2015 Offshore Group Investing LimitedEnergy Services
November 26, 2015 AbengoaEnergy
November 23, 2015 Zohar IDistressed Debt
November 23, 2015 Algoma Holdings Steel Production
November 18, 2015 Atna Resources Ltd.Mining
November 16, 2015 RdioEntertainment
November 10, 2015 Millennium HealthHealthcare
November 10, 2015 Far East EnergyCoal Production
November 9, 2015 Parallell Energy LPOil & Gas Exploration
November 5, 2015 Escalera Resources Co.Oil & Gas Exploration
October 30, 2015 Fresh and EasyRetail
October 27, 2015 Raam Global Energy Co.Oil & Gas Drilling
October 15, 2015 CCNG Energy PartnersOilfield Services
October 15, 2015 Nord Resources CorporationMining
October 14, 2015 Affirmative Insurance Holdings, Inc.Insurance
October 7, 2015 Taylor-Wharton InternationalCryogeneics
October 5, 2015 American ApparelRetail
October 1, 2015 Miller Energy ResourcesOil & Gas Exploration
September 30, 2015 Dex MediaInformation Servies
September 17, 2015 HovensaRefinery
September 14, 2015 Digital Domain Media GroupEntertainment
September 1, 2015 Black Elk Energy Offshore OperationsOil & Gas Exploration
August 27, 2015 Santa Fe GoldGold Mining
August 20, 2015 Hillview, KYCity in KY
August 15, 2015 Samson Resources Corp.Oil & Gas Exploration
August 10, 2015 Saint Michael’s Medical CenterHospital
August 3, 2015 Alpha Natural Resources, Inc.Coal Mining
August 3, 2015 American Standard Energy, Corp.Oil & Gas Exploration
July 20, 2015 The Great Atlantic Pacific & Tea CompanyGrocery Stores
July 15, 2015 Milagro Oil & GasOil & Gas Exploration
July 13, 2015 Trump International Golf ClubEntertainment
July 10, 2015 Berau Capital Resources PteCoal Mining
July 8, 2015 Sino Clean EnergyEnergy
July 7, 2015 EdconRetail
July 6, 2015 UkraineCountry
July 1, 2015 Yakutugol and ChelyabinskManufacturing
June 30, 2015 JW Resources Inc.Coal Mining
June 29, 2015 Baha Mara ResortResorts
June 22, 2015 Midway GoldMining
June 19, 2015 Stonebridge Bank Holding CompnayBanking
June 19, 2015 Saratoga ResourcesOil & Gas Exploration
June 17, 2015 Hercules Offshore Inc.Oil Services
June 11, 2015 Warren Resources Inc.Oil & Gas Exploration
June 9, 2015 Boomerang Tube LLCOil & Gas Equipment
June 8, 2015 Health Diagnostic Laboratory, Inc.Medical Services
June 5, 2015 GreeceCountry
June 1, 2015 Saad Investments Company Financial
June 1, 2015 Molycorp, Inc.Mining
May 31, 2015 RelativityFilm Distributor
May 28, 2015 Zhuhai Zhongfu Enterprise Co.Manufacturing
May 26, 2015 American Energy-WoodfordOil & Gas Exploration
May 21, 2015 Midstates Petroleum Co.Oil & Gas Exploration
May 20, 2015 El Paso Children's Hospital, Inc.Medical Services
May 18, 2015 Duer Wagner III Oil & Gas LPOil & Gas Exploration
May 17, 2015 Colt Defense LLCManufacturing
May 15, 2015 ABG ShipyardShipbuilder
May 15, 2015 Tunica-Biloxi Gaming AuthorityGaming
May 14, 2015 Tonon Bioenergia S.A'sSugar Production
May 14, 2015 SandRidge Energy Inc. Oil & Gas Exploration
May 12, 2015 Patriot Coal Corp.Coal Mining
May 12, 2015 Murray Holdings Ltd.Investment Vehicle
May 11, 2015 Cimento Tupi SACement Manufacturing
May 5, 2015 Magnetation LLCMining
May 4, 2015 Corinthian Colleges Inc.Education
April 28, 2015 Halcon Resources CorporationOil & Gas Exploration
April 23, 2015 Sound Global LtdWater Treatment
April 21, 2015 Baoding Tianwei GroupManufacturing
April 21, 2015 Sabine Oil & Gas CorporationOil & Gas Exploration
April 19, 2015 Frederick’s of HollywoodRetail
April 17, 2015 NewSatCommunications
April 17, 2015 Lee Steel CorpSteel Maker
April 17, 2015 Grupo SchahinEngineering/Construction Congolomerate
April 15, 2015 Walter EnergyCoal
April 13, 2015 Evraz Highveld Steel Steel
April 8, 2015 Winsway Enterprises Holdings Ltd.Coal
April 7, 2015 Cloud Live Technology Group Co.Chinese Internet/Restaurants
April 6, 2015 Xinergy Ltd.Coal Mining
April 1, 2015 EveryWare Global Inc.Consumer Products
March 31, 2015 Torchlight Energy Resources Inc.Oil & Gas Exploration and Production
March 31, 2015 Chukchansi Gold Resort & CasinoCasino
March 27, 2015 TaliskerReal Estate
March 25, 2015 Galvao Engenharia SAConstruction
March 23, 2015 Karmaloop Inc.Retail
March 20, 2015 Awal Finance Co.Banking
March 20, 2015 SpiceJetAirlines
March 19, 2015 Connacher Oil and Gas Ltd.Oil & Gas Exploration
March 19, 2015 ParmaEntertainment
March 18, 2015 Dannemora Mineral ABMining
March 17, 2015 Daebo International Shipping Co.Shipping
March 17, 2015 USA Synthetic Fuel Corporation Energy Conversion
March 16, 2015 Banco de MadridBanking
March 16, 2015 American Spectrum RealtyReal Estate - Storage
March 15, 2015 Duesseldorfer Hypothekenbank AG (DuesselHyp)Banking
March 12, 2015 Standard Register Co.Business Services
March 11, 2015 Doral Financial CorpBanking
March 10, 2015 Allied Nevada Gold Corp.Precious Metals Mining
March 9, 2015 Dune Energy Inc.Oil & Gas Exploration
March 9, 2015 BPZ Resources Inc.Oil & Gas Exploration
March 9, 2015 Towergate Finance PLInsurance
March 4, 2015 Afren PLCOil & Gas Exploration
March 4, 2015 Scana Steel Stavanger ASOil & Gas Infrastructure
March 3, 2015 Cal Dive International, Inc.Oil & Gas Services
March 3, 2015 Sahara India PariwarHotels
March 2, 2015 Martinsa FadesaProperty Development
March 2, 2015 American Eagle Energy Corp.Oil & Gas Exploration
March 1, 2015 Heta Asset Resolution AGFinancial
February 27, 2015 University General Health System, Inc.Health Care
February 26, 2015 Aralco SA - Indústria e ComércioSugar Production
February 20, 2015 Everest Colleges CanadaEducation
February 18, 2015 Quicksilver Resources, Inc.Oil & Gas Exploration
February 18, 2015 Allen Systems Group Inc.Software Development
February 16, 2015 Caledonian Bank Ltd. Banking
February 16, 2015 Ivanhoe Energy Oil & Gas Exploration
February 15, 2015 Chassix, Inc.Auto Equipment Supplier
February 13, 2015 Centro Independance LLCRetail
February 12, 2015 Family Christian LLCRetail
February 12, 2015 Winland Ocean Shipping CorpShipping
February 11, 2015 Daebo International Shipping Co LtdShipping
February 5, 2015 Radio Shack Inc.Retail
February 4, 2015 Cache Inc.Retail
February 4, 2015 Corporate Resources Services Inc. Staffing/PEO
February 3, 2015 Altegrity Inc. Information Services
February 3, 2015 Towergate Finance PLCFinance
January 28, 2015 Skymark Airlines Inc. Airline
January 27, 2015 Cliffs Natural Resources (Canadian Operations)Mining
January 26, 2015 Pinetree Capital Ltd.Mining
January 23, 2015 HLSS Holdings, LLCMortgage Loan Servicing
January 23, 2015 Skymall LLCRetail
January 22, 2015 Southern Pacific Resource CorpOil & Gas Exploration
January 20, 2015 Life Partners Holdings Inc.Financial
January 15, 2015 Caesars Entertainment CorpCasinos
January 15, 2015 GasFrac Energy Services IncOil & Gas Exploration
January 15, 2015 Target CanadaRetail
January 13, 2015 Grupo Virgolino de Oliveira SASugar - Brazil
January 12, 2015 Shaft Sinkers Holdings PLCMining
January 12, 2015 Suntech America IncSolar
January 9, 2015 Gran Columbia Gold CorpMining
January 7, 2015 Body Central Corp.Retail Apparel
January 7, 2015 Education Management CorpEducation
January 7, 2015 American Media, Inc.'sMedia
January 6, 2015 Newland International Properties CorpHotel Development
January 5, 2015 Laricina Energy Ltd.Oil & Gas Exploration
January 3, 2015 OAS Finance Ltd.Construction
January 2, 2015 Ting Lu DevelopmentProperty Development
January 2, 2015 Wet Seal Inc.Retail Apparel
January 1, 2015 Kaisa Group HoldingsProperty Development
December 25, 2014 City Link Transportation
December 24, 2014 CoOportunity HealthHealth Insurance
December 15, 2014 Caesars Entertainment Operating CoCasinos
December 15, 2014 Evergreen Vintage AircraftEntertainment
December 10, 2014 OGXOil & Gas
December 10, 2014 Eneva SAPower Generation
December 4, 2014 Isuzu Glass Co.Manufacturing
December 4, 2014 Deb Stores Holding LLCRetail Apparel
December 4, 2014 Mexx Retail
December 1, 2014 ACR Energy Partners L.L.C.Utility
November 21, 2014 UTair AviationAviation
November 11, 2014 OSX Brasil SAShipbuilding
November 10, 2014 DendreonPharmaceuticals
November 9, 2014 Kior Inc.Bio-fuels
November 7, 2014 Corporate Commercial Bank (Corpbank)Banking
November 3, 2014 UniTek Global Services, Inc.Communication Equipment
October 31, 2014 ArgentinaS. Am Country
October 16, 2014 Inversiones Alsacia SATransportation
October 10, 2014 Endeavor InternationalOil & Gas
October 6, 2014 GT AdvancedTechnology
September 16, 2014 SIGA Technologies, Inc.Medical
September 15, 2014 NII HoldingsMobile Telecom
September 9, 2014 Trump Entertainment Resorts Inc.Casinos
September 2, 2014 Revel Casino HotelCasinos
September 1, 2014 Pescanova AlimentacionFood Processor
August 26, 2014 Mercator Mineral Park Holdings LtdMining
August 6, 2014 Eagle Bulk ShippingShipping
August 4, 2014 Wind Power Energy SAWind Power Generation
July 31, 2014 River Rock CasinoCasinos
July 9, 2014 Espirito Santo International SABanking
June 30, 2014 Metromedia International GroupCommunications
June 19, 2014 Kid Brands Inc.Consumer Products
May 31, 2014 Buccaneer jEnergy LimitedOil & Gas Exploration
May 12, 2014 LightSquaredTelecom
April 29, 2014 Energy FutureUtilities
April 14, 2014 Momentive PerformanceMaterials
April 11, 2014 Coldwater Creek Inc.Retail
April 10, 2014 Genco Shipping & Trading Ltd.Shipping
April 8, 2014 James River CoalCoal
April 3, 2014 Brookstone Holdings CorpRetail
March 26, 2014 Global Geophysical Services Inc.Energy Services
March 7, 2014 Shanghai Chaori Solar Energy Co.Solar
March 5, 2014 USECMining
March 3, 2014 Sorenson Communications IncCommunications
February 19, 2014 MModal Inc.Medical Services
February 12, 2014 Optim Energy LLCPower Generation
February 10, 2014 First Mariner BancorpBanking
February 2, 2014 Tuscany International Drilling Inc.Oil & Gas Exploration

The time zone we reference on our charts is Pacific Standard Time. Therefore, the U.S. cash market opens at 6:30 AM PST and closes at 1:00 PM PST.

About The Wolf

Twenty years is a long time to be involved in the trading business. Through many battles in every asset class known to man, knowledge has been gained; and, this project is a way to share that knowledge. The Wolf is a big fan of repeatable market work, or the creation of a “process.”

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