Prospect News reports one new default for May 30-June 5; S&P sees zero

By Caroline Salls

Pittsburgh, June 7 - Prospect News reported one new default for the week of May 30 to June 5 in the form of a Chapter 11 bankruptcy filing made by Digerati Technologies, Inc.

Prospect News also reported during the week that UniTek Global Services, Inc. missed an interest payment in the previous week.

Prospect News has reported 58 defaults so far in 2013, including 32 Chapter 11 filings, 10 missed interest payments, six missed principal and interest payments, three missed principal payments, two each of Chapter 7 bankruptcy filings and involuntary Chapter 11 filings and one each of bankruptcy filings, missed payments and distressed exchanges.

Meanwhile, Standard & Poor's reported no new defaults for the week, leaving its year-to-date default tally at 36 issuers.

S&P said 23 of those 36 defaults were based in the United States, seven in Europe and six in the emerging markets.

Of the 36 defaults so far this year, the ratings agency said 15 stemmed from missed interest, principal or cash payments, eight from bankruptcy filings, seven from distressed exchanges and one each from a failure to refinance or pay off a revolving credit facility, regulatory supervision and subpar bond buybacks.

The other three 2013 defaults were confidential.

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