Prospect News reports two new defaults for March 28-April 3; S&P zero

By Caroline Salls

Pittsburgh, April 5 - Prospect News reported two new defaults for the week of March 28 to April 3 in the form of CEVA Group plc's missed interest payment on its second-lien notes and 12¾% senior notes due 2020 and Globalstar, Inc.'s missed principal and interest payment on its 5.75% convertible senior notes due 2028.

Prospect News also reported GMX Resources Inc.'s April 1 Chapter 11 filing and Elbit Imaging Ltd.'s missed March 29 principal and interest payment on its bank loans.

However, GMX had previously defaulted with a missed interest payment in March, and Elbit had missed an interest payment in February.

Prospect News has reported 37 defaults so far in 2013, including 20 Chapter 11 filings, six missed interest payments, four missed principal and interest payments, three missed principal 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.