Prospect News reports three defaults for Nov. 29 to Dec. 5, S&P one

By Caroline Salls

Pittsburgh, Dec. 7 - Prospect News reported three new defaults for the period of Nov. 29 through Dec. 5, including Chapter 11 bankruptcy filings made by Stamp Farms, LLC and Interfaith Medical Center Inc. and missed installment and interest payments due Nov. 30 on Codfarmers ASA's NOK 100 million 15% senior unsecured convertible bond issue 2007/2011.

Prospect News has reported a total of 142 defaults so far in 2012.

Of those, 80 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 liquidations and one each stemmed from 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 one default for the week from IAP Worldwide Services Inc., raising its year-to-date default tally to 75 issuers.

As previously reported, S&P lowered IAP Worldwide's corporate credit rating to SD (selective default) from CCC, the first-lien senior secured issue ratings to D from CCC and second-lien senior secured issue ratings to D from CC.

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