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Prospect News reports three new defaults for Jan. 10-Jan. 16, S&P one
By Caroline Salls
Pittsburgh, Jan. 18 - Prospect News reported three new defaults for the week of Jan. 10 through Jan. 16 in the form of Chapter 11 bankruptcy filings made by Handy Hardware Wholesale Inc. and Penson Worldwide, Inc. and MBIA Inc.'s missed interest payment on its 14% fixed-to-floating-rate surplus notes due 2033.
Prospect News has reported seven defaults so far in 2013, including three Chapter 11 filings, two missed principal payments and two missed interest payments.
Meanwhile, Standard & Poor's reported one default for the week, bringing its year-to-date default tally to four issuers.
S&P said it lowered the corporate credit rating on Penson Worldwide to D after the company's bankruptcy filing.
Three of the defaults recorded by S&P in 2013 were media companies, and the other was brokerage firm Penson. All four companies are based in the United States.
The ratings agency said the four companies each defaulted for a different reason, with one default stemming from a distressed exchange, one from a missed cash payment, one from a bankruptcy filing and one from a failure to refinance or pay off a revolving credit facility.
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 confidential, and six entities defaulted for various other reasons.
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