Prospect News reports no new defaults for Jan. 4 to Jan. 9, S&P two

By Caroline Salls

Pittsburgh, Jan. 11 - Prospect News reported no new defaults for the week of Jan. 4 through Jan. 9.

Prospect News has reported one default so far in 2013, a missed interest payment on Norse Energy Corp. ASA's convertible callable bonds due 2015.

Meanwhile, Standard & Poor's reported two defaults for the week, bringing its year-to-date default tally to three issuers.

S&P's latest defaulters were LodgeNet Interactive Corp. and Merrill Corp.

All three of the 2013 defaulters were media companies based in the United States, S&P said.

The ratings agency said the three companies each defaulted for a different reason. Specifically, one defaulted because of a distressed exchange, another because of a missed cash payment and one as result of a failure to refinance or pay off a revolving credit facility.

S&P's global corporate default tally totaled 84 issuers in 2012.

By region, 47 of the 84 defaulters reported by S&P in 2012 were based in the United States, 24 in the emerging markets, nine in Europe and four in the other developed region, which includes Australia, Canada, Japan and New Zealand.

S&P said missed payments and bankruptcy filings tied for the top reason for default in 2012, with 23 issuers each. Of the remaining defaults, distressed exchanges accounted for 17, 13 were are confidential, and six entities defaulted for various other reasons.

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