Prospect News reports two defaults for March 21-27; S&P records zero

By Caroline Salls

Pittsburgh, March 28 - Prospect News reported two new defaults for the week of March 21 to March 27 in the form of Chapter 11 bankruptcy filings made by Revel AC Inc. and Otelco Inc.

Prospect News has reported 35 defaults so far in 2013, including 19 Chapter 11 filings, six missed interest payments, three each of missed principal payments and missed principal and interest payments, two involuntary Chapter 11 filings and one each of missed payments and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's reported no new defaults for the week, leaving its 2013 global corporate default tally at 21 issuers.

The agency said seven of the 2013 defaults stemmed from missed interest, principal or cash payments, six from bankruptcy filings, five from distressed exchanges, one from a failure to refinance or pay off a revolving credit facility and one from subpar bond buybacks. The other default was confidential.

Of the 21 defaults, 14 are based in the United States, five in Europe and two in the emerging markets, S&P reported.

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