Prospect News reports two new defaults for July 11-July 17, S&P zero

By Caroline Salls

Pittsburgh, July 19 - Prospect News reported two new defaults for the week of July 11 to July 17 in the form of a Chapter 11 bankruptcy filing made by AgFeed USA, LLC and Agroton Public Ltd.'s missed interest payment on its 12.05% notes due 2014.

Prospect News has reported 84 defaults so far in 2013, including 43 Chapter 11 filings, 16 missed interest payments, six Chapter 7 bankruptcy filings, five missed principal and interest payments, four distressed exchanges, two each of Chapter 15 bankruptcy filings, involuntary bankruptcy filings, bankruptcy proceedings and missed principal payments and one each of Chapter 9 bankruptcy filings and missed payments.

Meanwhile, Standard & Poor's reported no global corporate defaults for the week, leaving its year-to-date default tally at 47 issuers.

Of the 47 defaults so far this year, S&P said 21 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 five defaults were confidential.

S&P said 27 of the 47 defaults so far this year are based in the United States, 10 are based in Europe, and 10 are based in the emerging markets.

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