how/where would I find an up to date list of (US) (preferably public)
companies that have defaulted or are about to default on their debt?
For the purpose of identifying potential investments in the DISTRESSED
DEBT market.
I want a list and the method/source of information. (I want a free or
low cost source e.g newspaper- that I can use to find updates in the
future as well)

I too am aware of many financial websites, I wonder if anyone knows
how to screen (sift through) all that information and target in on the
specific information I want.