Prospect News and S&P each report no new defaults for May 8 to May 14

By Caroline Salls

Pittsburgh, May 16 - Prospect News reported no new defaults for the period of May 8 to May 14.

Prospect News did report Dannemora Mineral AB's reconstruction filing during the week. However, Dannemora previously defaulted in connection with March 22 and Sept. 22, 2013 missed interest payments.

Prospect News has reported 57 defaults so far for 2014, including 32 Chapter 11 bankruptcy filings, eight 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, reconstructions and Companies' Creditors Arrangement Act filings.

Meanwhile, Standard & Poor's also reported no new defaults for the week, leaving its year-to-date total at 22 defaults.

Of the 22 defaults so far this year, S&P said 14 are based in the United States, five 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 11 of the 22 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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