Prospect News reports one new default for Sept. 5-Sept. 11, S&P none

By Caroline Salls

Pittsburgh, Sept. 13 - Prospect News reported two new defaults for the week of Sept. 5 to Sept. 11.

The latest defaults came in the form of Chapter 11 bankruptcy filings made by Furniture Brands International and MSD Performance, Inc.

Prospect News has reported 100 defaults so far in 2013, including 52 Chapter 11 filings, 18 missed interest payments, six Chapter 7 bankruptcy filings, five missed principal and interest payments, four distressed exchanges, three Chapter 15 bankruptcy filings, two each of involuntary Chapter 11 filings, bankruptcy proceedings and missed principal payments and one each of Chapter 9 bankruptcy filings, insolvencies, administrations, Schutzschirmverfahren, missed payments and recapitalizations.

Meanwhile, Standard & Poor's reported no global corporate defaults for the week, leaving its year-to-date default tally at 57 issuers.

Of the 57 defaults so far this year, S&P said 26 resulted from missed interest, principal, or cash payments, 13 from bankruptcy filings, nine from distressed exchanges, two from regulatory supervision and one each from a failure to refinance or pay off a revolving credit facility and subpar bond buybacks.

The remaining five defaults were confidential.

S&P said that 33 of the 57 issuers that have defaulted so far this year are based in the United States, 12 are based in emerging markets, 11 are based in Europe, and one is based in the other developed region.

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