Prospect News reports one new default for June 20-26; S&P marks two

By Caroline Salls

Pittsburgh, June 21 - Prospect News reported one new default for the week of June 20 to June 26 in the form of a Chapter 11 bankruptcy filing made by TMT USA Shipmanagement LLC.

Prospect News also reported a Chapter 15 bankruptcy filing made by STX Pan Ocean Co., Ltd. STX had previously defaulted in connection with a June 10 rehabilitation proceeding.

Prospect News has reported 71 defaults so far in 2013, including 38 Chapter 11 filings, 13 missed interest payments, seven missed principal and interest payments, three missed principal payments, two each of Chapter 7 bankruptcy filings, Chapter 15 bankruptcy filings, bankruptcy proceedings and involuntary Chapter 11 filings and one each of missed payments and distressed exchanges.

Meanwhile, Standard & Poor's reported two global corporate defaults for the week, raising its year-to-date tally to 45.

S&P said it downgraded Spain-based gaming company Codere SA to SD after the company missed a June 15 coupon payment on its €760 million senior notes.

The second default came when S&P lowered its corporate rating on Magyar Telecom BV to D after the company failed to make the June 15 coupon payment on its €350 million senior secured bonds due 2016.

S&P said 27 of the 45 2013 defaults are based in the United States, 10 are based in Europe and eight are based in the emerging markets.

Of the 45 defaults so far this year, the agency said 20 resulted 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.

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