Prospect News reports five new defaults for March 27-April 2, S&P two

By Caroline Salls

Pittsburgh, April 4 - Prospect News reported five new defaults for the period of March 27 through April 2.

The latest defaults came in the form of Chapter 11 bankruptcy filings made by Select Staffing, Budd Co., Inc. and Ecko Unlimited, Urbi Desarrollos Urbanos, SAB de CV's missed interest payment on its trust certificates and Energy Future Holdings' missed interest payments on its 11½% senior secured notes due Oct. 1, 2020, 15% senior secured notes due April 1, 2021 and pollution control revenue bonds.

Prospect News has reported 48 defaults so far for 2014, including 23 Chapter 11 bankruptcy filings, 11 missed interest payments, three Chapter 15 bankruptcy filings, two each of restructurings, defaults and administrations and one each of missed principal and interest payments, bankruptcy filings, judicial discovery requests, missed interest payments paid within the grace period and concurso mercantil proceedings.

Meanwhile, Standard & Poor's reported two defaults since its latest report, raising its 2014 global corporate default tally to 10.

Specifically, S&P said one of its most recent defaults stemmed from Global Geophysical Services Inc.'s Chapter 11 bankruptcy filing. The second default was confidential.

Of the 10 defaults so far this year, S&P said three resulted from missed interest and/or principal payments, four from bankruptcy filings, two from distressed exchanges, and one was confidential.

The ratings agency said five of this year's defaults are based in the United States, three are based in the emerging markets, and the others are split evenly between Europe and the other developed region, consisting of Australia, Canada, Japan and New Zealand.

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