Prospect News reports two new defaults for Dec. 5-Dec. 11, S&P none

By Caroline Salls

Pittsburgh, Dec. 13 - Prospect News reported two new defaults for the period from Dec. 5 through Dec. 11.

The latest defaults came in the form of a Chapter 11 bankruptcy filing made by OCZ Technology Group, Inc. and Electrawinds SE's judicial reorganization filing.

Prospect News has reported 143 defaults so far in 2013, including 73 Chapter 11 bankruptcy filings, 24 missed interest payments, seven each of Chapter 7 bankruptcy filings and missed principal and interest payments, six distressed exchanges, four Chapter 15 bankruptcy filings, three each of administrations and insolvencies, two each of involuntary Chapter 11 filings, CCAA filings and bankruptcy proceedings and one each of judicial recovery requests, Chapter 9 bankruptcy filings, missed principal payments, missed interest payments paid late, Schutzschirmverfahren, liquidations, provisional liquidations, corporate reorganizations, judicial reorganizations and recapitalizations.

Meanwhile, Standard & Poor's reported no new defaults for the week, but revised its global corporate 2013 default tally to 70.

S&P said the year-to-date count was revised to include three defaults from November, two of which were confidentially rated issuers and a third that was not rated at the time of its default.

Of the 70 defaults so far this year, the agency said 31 resulted from missed interest, principal, or cash payments, 18 from bankruptcy filings, 11 from distressed exchanges, two from regulatory supervision (administration) and one each from a failure to pay off or refinance a revolving credit facility and subpar bond buybacks.

S&P said 40 of the 70 issuers that have defaulted so far this year are based in the United States, 15 are based in emerging markets, 12 are based in Europe, and three are based in the other developed region.

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