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Prospect news reports three new defaults for week; S&P records one
By Jim Witters
Wilmington, Del., Oct. 21 - Prospect News reported three new defaults for the week of Oct. 13 to Oct. 19 in the form of a bankruptcy filing by Max Bank A/S, a Chapter 11 filing by Security National Properties Funding III, LLC and a missed principal payment by Zenith Infotech Ltd. on its foreign-currency convertible bonds due Sept. 21.
Meanwhile, Standard & Poor's recorded one new default for the week, raising its year-to-date default total to 35.
S&P's most recent default came from U.S.-based Wastequip Inc., whose rating was revised to SD from CCC after the company provided confidential information regarding its unrated mezzanine loan.
S&P said 14 of this year's defaults were due to missed interest or principal payments, and seven were due to distressed exchanges - both of which were among the top reasons for defaults in 2010.
Bankruptcy filings followed, with six defaults, and regulatory actions accounted for three, S&P said.
Of the remaining defaults, one issuer failed to finalize refinancing on its bank loan, one issuer had its banking license revoked by its country's central bank, another was appointed a receiver, and two were confidential, according to S&P.
By comparison, in 2010, 28 defaults resulted from missed interest or principal payments, 25 from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, one from a regulatory directive, and one from administration, S&P reported.
Of the total defaulters this year, 25 are U.S.-based, three are based in New Zealand, two in Canada, and one each is based in the Czech Republic, Greece, France, Israel, and Russia.
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