Prospect News reports two new defaults for Feb. 6-Feb. 12, S&P one

By Caroline Salls

Pittsburgh, Feb. 14 - Prospect News reported two new defaults for the period from Feb. 6 through Feb. 12.

The latest defaults came in the form of Optim Energy, LLC and First Mariner Bancorp's Chapter 11 bankruptcy filings.

During the last week, Prospect News also reported Alliance Bank JSC's Dec. 23 missed interest payment and Cornerstone Titan 2005-1 plc's announcement that it lacked the funds to pay all of the interest due in January on its class D notes.

Prospect News has reported 13 defaults so far for 2014, including eight Chapter 11 bankruptcy filings, four missed interest payments and one Chapter 15 bankruptcy filing.

Meanwhile, Standard & Poor's recorded one default for the week, raising its year-to-date default count to two.

S&P said it lowered its corporate credit rating on Alliance Bank to D on Feb. 11 after the company announced its intention to restructure its outstanding senior and subordinated bonds. The ratings agency said nonpayment of the bonds will be considered a general default.

At this time last year, S&P said there were 12 defaults.

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