Prospect News reports four new defaults for Nov. 8-14; S&P marks one

By Caroline Salls

Pittsburgh, Nov. 16 - Prospect News reported four new defaults during the period of Nov. 8 through Nov. 14.

The latest defaults included Chapter 11 bankruptcy filings made by Overseas Shipholding Group, Inc., AMF Bowling Worldwide Inc. and Metex Manufacturing Corp. and a Chapter 15 bankruptcy filing made by Centrais Electricas do Para SA.

In addition, the New York State Department of Financial Services did not approve Syncora Guarantee Inc.'s payment on its short-term surplus notes. However, Syncora Guarantee defaulted previously when a Dec. 28, 2011 surplus notes payment was not approved.

Prospect News has reported a total of 135 defaults so far in 2012.

Of those, 77 were Chapter 11 filings, 13 stemmed from missed interest payments, 10 were from distressed exchanges, eight stemmed from missed principal payments, six were from Chapter 15 bankruptcy filings, four resulted from Companies' Creditors Arrangement Act filings, three stemmed from missed principal and interest payments, two each were from administrations, 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, missed payment and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's recorded the default from Overseas Shipholding's bankruptcy filing, raising its year-to-date default tally to 72 issuers. This total also includes a confidential Israel-based real estate company that defaulted last week, the agency said.

By region, S&P said 39 of the 72 defaulters were based in the United States, 21 in the emerging markets, nine in Europe, and three in the other developed region, which includes Australia, Canada, Japan and New Zealand.

So far this year, S&P said missed payments and bankruptcy filings accounted for 20 defaults each, distressed exchanges accounted for 14, and 12 were confidential.

The remaining six entities defaulted for various other reasons, S&P reported.

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