Prospect News reports four new defaults for week of June 13-June 19

By Caroline Salls

Pittsburgh, June 21 - Prospect News reported four new defaults for the week of June 13 to June 19.

The latest defaults came in the form of Chapter 11 bankruptcy filings made by Orchard Supply Hardware Stores Corp. and OnCure Holdings, Inc., Maxcom Telecomunicaciones, SAB de CV's missed interest payment on its 11% senior notes due 2014 and the City of Detroit's missed principal and interest payments on the contract administration agreement related to its Retirement Systems Funding Trust 2005 series 2005-A certificates of participation on its funding trust receivables obligations.

Prospect News also reported a missed interest payment on Cline Mining Corp.'s $65.5 million of 10% senior secured bonds. Cline had previously defaulted with a Dec. 17, 2012 missed interest payment.

Prospect News has reported 67 defaults so far in 2013, including 36 Chapter 11 filings, 13 missed interest payments, seven 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, distressed exchanges and Chapter 15 bankruptcy filings.

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