Prospect News reports five new defaults for week of June 27 to July 3

By Caroline Salls

Pittsburgh, July 5 - Prospect News reported five new defaults for the week of June 27 to July 3.

The latest defaults came in the form of Chapter 11 bankruptcy filings made by Cengage Learning, Inc. and Mercantile Bancorp, Inc., Chapter 7 bankruptcy filings made by Unigene Laboratories, Inc. and Hoku Corp. and a distressed exchange by Mashantucket Pequot Tribal Nation in connection with $2.3 billion of debt obligations.

Prospect News also reported Excel Maritime Carriers Ltd.'s Chapter 11 bankruptcy filing and a distressed exchange related to AGY Holding Corp.'s 11% senior second-lien notes due 2014.

However, Excel previously defaulted through a Jan. 2, 2013 missed principal payment and AGY through a May 15 missed interest payment.

Prospect News has reported 75 defaults so far in 2013, including 40 Chapter 11 filings, 12 missed interest payments, seven missed principal and interest payments, four Chapter 7 bankruptcy filings, three distressed exchanges, two each of Chapter 15 bankruptcy filings, involuntary bankruptcy filings, bankruptcy proceedings and missed principal payments and one missed payment.

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