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Prospect News marks three defaults for period ended Nov. 28, S&P two
By Caroline Salls
Pittsburgh, Nov. 30 - Prospect News reported three new defaults for the period of Nov. 15 though Nov. 28, including a Chapter 11 bankruptcy filing made by Pipeline Data Inc., Edison Mission Energy's missed interest payment on bonds maturing in 2017, 2019 and 2027 and MWB Group Holdings plc's administration.
Prospect News has reported a total of 140 defaults so far in 2012.
Of those, 78 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, five each resulted from Companies' Creditors Arrangement Act filings and missed principal and interest payments, three were from administrations, two were from 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 said it has recorded two defaults since Nov. 14, raising its year-to-date default tally to 74 issuers.
Specifically, S&P said Allen Systems Group Inc. missed an interest payment on its senior secured second-lien notes and was subsequently downgraded to D on Nov. 19.
In addition, the agency said a confidentially rated Brazil-based utility company defaulted on Nov. 28.
By region, S&P said 40 of the 74 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 accounted for 21 defaults, bankruptcy filings accounted for 20, distressed exchanges accounted for 14, and 13 were confidential.
The remaining six entities defaulted for various other reasons, the agency reported.
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