Prospect News reports four new defaults for Feb. 27-March 5, S&P two

By Caroline Salls

Pittsburgh, March 7 - Prospect News reported four new defaults for the period from Feb. 27 through March 5.

The latest defaults included Chapter 11 bankruptcy filings made by USEC Inc., MACH Gen, LLC and Sorenson Communications, Inc. and OSA Goliath Pte. Ltd.'s default on its 12% senior secured bonds.

Prospect News also reported S.A.G. Solarstrom AG's insolvency during the period. However, Solarstrom previously defaulted in December.

Prospect News has reported 28 defaults so far for 2014, including 14 Chapter 11 bankruptcy filings, six missed interest payments, two each of Chapter 15 bankruptcy filings and defaults and one each of missed principal and interest payments, restructurings, insolvencies and administrations.

Meanwhile, Standard & Poor's reported two new defaults for the period, raising its year-to-date default tally to six issuers.

Specifically, S&P said its defaults included Sorenson's Chapter 11 filing and Travelport LLC's swap of $135 million of its senior subordinated notes for equity, which qualifies as a distressed exchange.

S&P said three of its six defaults recorded so far this year are based in the United States, with the remainder split evenly between Europe, the emerging markets, and the other developed region, which consists of Australia, Canada, Japan and New Zealand.

The ratings agency said the 2014 defaults include three missed interest payments, two distressed exchanges and one Chapter 11 filing.

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