Prospect News reports two new defaults for Oct. 18-24; S&P sees one

By Caroline Salls

Pittsburgh, Oct. 26 - Prospect News reported two new defaults during the period of Oct. 18 through Oct. 24 in the form of Chapter 11 bankruptcy filings made by HMX Acquisition Corp. and South Franklin Circle.

Prospect News also reported a distressed exchange made by Nobina AB. Nobina had previously defaulted when it missed an Aug. 1 interest payment on its senior secured notes.

Prospect News has reported a total of 124 defaults so far in 2012.

Of those, 70 were Chapter 11 filings, 11 stemmed from missed interest payments, 10 were from distressed exchanges, nine stemmed from missed principal payments, five were from Chapter 15 bankruptcy filings, four resulted from Companies' Creditors Arrangement Act filings, two each were from administrations, missed principal and interest payments and liquidations, and one stemmed from each of Chapter 9 bankruptcy filings, corporate debt restructuring, examinership, notices of default and acceleration, bankruptcy, reorganization, insolvency, restructuring and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's reported one new default for the week from a confidentially rated Dutch issuer, bringing its year-to-date total to 64.

The agency said its 2012 total has been revised to include two confidentially- rated issuers that defaulted last month whose defaults were not immediately captured.

By region, S&P said that 35 of the 64 defaulters were based in the United States, 18 in the emerging markets, eight in Europe and three in the other developed region, which includes Australia, Canada, Japan and New Zealand.

So far this year, S&P said bankruptcy filings accounted for 19 defaults, missed payments accounted for 16, distressed exchanges accounted for 12, and 11 were confidential.

The remaining six entities defaulted for various other reasons, the agency reported.

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