Prospect News marks four new defaults for Jan. 5 to Jan. 11, S&P three

By Caroline Salls

Pittsburgh, Jan. 13 - Prospect News reported four new defaults for the week of Jan. 5 to Jan. 11.

Specifically, Prospect News reported Chapter 11 bankruptcy filings made by Hostess Brands, Inc., The Shore Bank Corp., International Media Group, Inc. and Peak Broadcasting, LLC.

Meanwhile, Standard & Poor's reported three new defaults for the week, bringing its year-to-date default total to four.

S&P said U.S.-based Vertrue LLC and Buffets Inc. both missed interest payments this week. The remaining default came from a confidentially rated issuer based in Israel.

So far this year, S&P said two issuers missed interest payments, one filed for bankruptcy, and one was confidential.

In 2011, 21 issuers defaulted because of missed interest or principal payments, 13 because of bankruptcy filings and 11 because of distressed exchanges, the ratings agency reported.

In addition, two issuers failed to finalize refinancing on bank loans, another two were subject to regulatory action, one had its banking license revoked by its country's central bank, another was appointed a receiver, and two were confidential.

Of the 53 global corporate defaults in 2011, 39 were based in the United States, seven were based in the other developed region, which includes Australia, Canada, Japan and New Zealand, four were based in Europe, and three were based in the emerging markets.

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