Prospect News reports two new defaults for March 13-March 19, S&P none

By Caroline Salls

Pittsburgh, March 21 - Prospect News reported two new defaults for the period of March 13 through March 19.

The latest defaults came in the form of James River Coal Co.'s missed interest payment on its 3.125% convertible senior notes due 2018 and Quiznos' Chapter 11 bankruptcy filing.

Prospect News has reported 33 defaults so far for 2014, including 16 Chapter 11 bankruptcy filings, seven missed interest payments, three Chapter 15 bankruptcy filings, two defaults and one each of missed principal and interest payments, restructurings, bankruptcy filings, judicial discovery requests and administrations.

Meanwhile, Standard & Poor's reported no new defaults for the period, leaving its year-to-date default tally at eight issuers. S&P said the 2014 default count remains the lowest year-to-date tally it has seen in three years, with defaults numbering just a third of last year's count at this time.

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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