Prospect News reports two new defaults for Feb. 21-Feb. 27, S&P one

By Caroline Salls

Pittsburgh, March 1 - Prospect News reported two new defaults for the week of Feb. 21 through Feb. 27 in the form of Chapter 11 bankruptcy filings made by Rodeo Creek Gold Inc. and Ormet Corp.

Prospect News has reported 21 defaults so far in 2013, including 13 Chapter 11 filings, three missed interest payments, two each of missed principal payments and involuntary Chapter 11 filings and one missed payment.

Meanwhile, Standard & Poor's also reported one new default for the week, raising its 2013 global corporate default tally to 15 issuers.

Specifically, S&P said Greece-based glass container manufacturer Yioula Glassworks SA rescheduled repayments on some amortizing bank loans without appropriate compensation to the banks as a result of financial distress. S&P said it views these deferrals as a distressed debt restructuring.

S&P said 10 of the 15 defaulted entities are based in the United States, three are based in Europe, and two are based in the emerging markets.

Of the 15 defaults so far this year, the agency said five resulted from distressed exchanges, four from bankruptcy filings, three from missed interest, principal, or cash payments, one from a failure to refinance or pay off a revolving credit facility and one from subpar bond buybacks. The other default was confidential.

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