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Standard & Poor's sees two new global defaults for June 13 to June 19
By Caroline Salls
Pittsburgh, June 24 - Standard & Poor's said two global corporate issuers defaulted in the week of June 13 to June 19, raising the 2013 year-to-date default tally to 43 issuers.
Specifically, S&P said it lowered the corporate credit rating on Orchard Supply Hardware LLC to D after it filed for Chapter 11 bankruptcy and lowered the corporate credit rating on Maxcom Telecomunicaciones, SAB de CV to D after it failed to make the June 15 coupon payment on its senior secured bonds due 2014.
Of the 43 defaults so far this year, S&P said 18 were stemmed from missed interest, principal or cash payments, 11 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 remaining four defaults were confidential.
The ratings agency said 27 of the 43 defaults so far this year are based in the United States, eight are based in Europe, and eight are based in the emerging markets.
As previously reported, Prospect News reported four new defaults for the week in the form of Chapter 11 bankruptcy filings made by Orchard Supply Hardware and OnCure Holdings, Inc., Maxcom's missed interest payment 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 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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