Prospect News, S&P each report zero new defaults for Oct. 3 to Oct. 9

By Caroline Salls

Pittsburgh, Oct. 11 - Prospect News reported zero new defaults for the week of Oct. 3 to Oct. 9.

Prospect News has reported 111 defaults so far in 2013, including 58 Chapter 11 bankruptcy filings, 20 missed interest payments, seven missed principal and interest payments, six Chapter 7 bankruptcy filings, four distressed exchanges, three Chapter 15 bankruptcy filings, two each of involuntary Chapter 11 filings, CCAA filings and bankruptcy proceedings and one each of missed principal payments, Chapter 9 bankruptcy filings, insolvencies, administrations, missed interest payments paid late, Schutzschirmverfahren and recapitalizations.

Meanwhile, Standard & Poor's also recorded no new defaults for the week, but revised its year-to-date default count to 62 issuers.

S&P said the default count was revised to incorporate a Canada-based, confidentially rated default that occurred on Oct. 1.

Of the 62 defaults so far this year, S&P said 27 resulted from missed interest, principal or cash payments, 16 from bankruptcy filings, nine from distressed exchanges, two from regulatory supervision and one each from a failure to refinance or pay off a revolving credit facility and subpar bond buybacks.

The remaining six defaults were confidential.

The ratings agency said 36 of the 62 issuers that have defaulted so far this year are based in the United States, 13 are based in the emerging markets, 11 are based in Europe, and two are based in the other developed region.

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