Prospect News reports two new defaults for April 24-April 30, S&P none

By Caroline Salls

Pittsburgh, May 2 - Prospect News reported two new defaults for the period of April 24 to April 30.

Specifically, Prospect News reported Energy Future Holdings Corp.'s Chapter 11 bankruptcy filing and JSC Astana-Finance's Chapter 15 bankruptcy filing.

Prospect News also reported River Rock Entertainment Authority's missed interest payment on its 9% series A senior notes due 2018 and 8% series B tax-exempt senior notes due 2018 and Desarrolladora Homex, SAB de CV's concurso mercantil filing during the week. However, River Rock previously defaulted in connection with a Nov. 2 missed principal and interest payment, and Homex previously defaulted in connection with missed interest payments on its 7½%, 9½% and 9¾% notes.

Prospect News has reported 55 defaults so far for 2014, including 30 Chapter 11 bankruptcy filings, nine missed interest payments, four Chapter 15 bankruptcy filings, two each of restructurings, defaults, administrations and concurso mercantil proceedings and one each of missed principal and interest payments, bankruptcy filings, judicial discovery requests and CCAA filings.

Meanwhile, Standard & Poor's reported no defaults for the week, although its year-to-date tally was revised to 17 defaults.

The 2014 default count was revised to add USEC Inc., which filed bankruptcy after its ratings were withdrawn and Texas Competitive Electric Holdings Co. LLC, whose issuer credit rating was lowered to D after it missed interest payments due on April 1.

Of the 17 defaults so far this year, S&P said 10 are based in the United States, four in the emerging markets, two in the other developed region, which consists of Australia, Canada, Japan and New Zealand, and one in Europe.

The ratings agency said six of the 17 defaults so far this year resulted from bankruptcy filings, five from missed interest and/or principal payments, three from distressed exchanges and one each from judicial reorganization and a creditor protection filing. The other default was confidential.

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