Prospect News reports four new defaults for week of March 20-March 26

By Caroline Salls

Pittsburgh, March 28 - Prospect News reported four new defaults for the period of March 20 through March 26.

The latest defaults came in the form of Chapter 11 bankruptcy filings made by Global Geophysical Services, Inc., Dolan Co. and M*Modal and Albemarle & Bond Holdings plc's administration.

Prospect News also reported Corporacion GEO, SAB de CV's concurso mercantile proceeding and Dannemora Mineral AB's missed March 22 interest payment on its 11.75% senior secured bonds due 2016.

However, Corporacion GEO defaulted previously in connection with an April 26, 2013 missed interest payment on its 8 7/8% senior guaranteed notes due Sept. 25, 2014, 9¼% senior guaranteed notes due June 30, 2020 and 8 7/8% senior guaranteed notes due March 27, 2022, and Dannemora previously defaulted in connection with a Sept. 22, 2013 missed interest payment.

Prospect News has reported 39 defaults so far for 2014, including 19 Chapter 11 bankruptcy filings, seven missed interest payments, three Chapter 15 bankruptcy filings, two each of defaults and administrations and one each of missed principal and interest payments, restructurings, bankruptcy filings, judicial discovery requests, missed interest payments paid within the grace period and concurso mercantil proceedings.

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