Prospect News and S&P each report one new default for March 7-13

By Caroline Salls

Pittsburgh, March 15 - Prospect News reported one new default for the week of March 7 to March 13 in the form of a Chapter 7 bankruptcy filing made by Entertainment Productions LLC.

Prospect News also reported a Chapter 11 bankruptcy filing made by Geokinetics Inc., which had previously defaulted with a Dec. 15 missed interest payment.

Prospect News has reported 28 defaults so far in 2013, including 15 Chapter 11 filings, six missed interest payments, two each of missed principal payments and involuntary Chapter 11 filings and one each of missed interest and principal payments, missed payments and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's also reported one new default for the week, raising its 2013 global corporate default tally to 17 issuers.

Specifically, S&P said it downgraded Sweden-based miner Northland Resources AB to D on March 7 after the company failed to make the March 6 interest payment on its 13% senior secured bonds.

Of the 17 defaults so far this year, 10 are based in the United States, five are based in Europe and two are based in the emerging markets.

The agency said that five each of the 2013 defaults stemmed from distressed exchanges and missed interest, principal or cash payments, four from bankruptcy filings, 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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