Prospect News reports three new defaults for Dec. 13-Dec. 19, S&P one

By Caroline Salls

Pittsburgh, Dec. 21 - Prospect News reported three new defaults for the period of Dec. 13 through Dec. 19 in the form of Chapter 11 bankruptcy filings made by THQ Inc. and Edison Mission Energy and Cline Mining Corp.'s missed interest payment on its 10% senior secured bonds.

In addition, Prospect News reported an involuntary Chapter 11 case filed against PT Berlian Laju Tanker Tbk. a distressed exchange made by Yellow Media Inc. Berlian Laju Tanker and Yellow Media had both previously defaulted.

Prospect News has reported a total of 146 defaults so far in 2012.

Of those, 83 were Chapter 11 filings, 13 stemmed from missed interest payments, 11 were from distressed exchanges, eight stemmed from missed principal payments, five each resulted from Chapter 15 bankruptcy filings, 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, involuntary Chapter 11 filings and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's reported one new default for the week, raising its year-to-date total to 80 issuers.

S&P said Geokinetics Holdings Inc. failed to make the $14.6 million interest payment due on Dec. 15 on its 9¾% senior secured notes. As a result, the ratings agency lowered its corporate credit rating on Geokinetics Holdings to D.

By region, 46 of the year's 80 defaulters were based in the United States, 22 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 have accounted for 23 defaults, bankruptcy filings for 22, distressed exchanges for 16, and 13 are confidential. The remaining six entities have defaulted for various other reasons.

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