Prospect News, S&P each report two new defaults for March 6-March 12

By Caroline Salls

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

The latest defaults came in the form of a Chapter 11 bankruptcy filing made by Sbarro, Inc. and a Chapter 15 bankruptcy filing made by MtGox Co., Ltd.

Prospect News has reported 29 defaults so far for 2014, including 15 Chapter 11 bankruptcy filings, six missed interest payments, three Chapter 15 bankruptcy filings, two defaults and one each of missed principal and interest payments, restructurings and administrations.

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

Specifically, S&P said it lowered its global scale corporate credit rating on Aralco Industria e Comercio SA to D from B- after the company filed for judicial reorganization on Feb. 28 and lowered its corporate credit rating on Sbarro to D from CC- after the Chapter 11 filing.

S&P said four of its eight defaults recorded so far this year are based in the United States, two are based in the emerging markets and one each is based in Europe 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 and/or principal payments, three bankruptcy filings and two distressed exchanges.

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