Prospect News sees three new defaults for Feb. 23 to Feb. 29, S&P none

By Caroline Salls

Pittsburgh, March 2 - Prospect News reported three new defaults for the week of Feb. 23 to Feb. 29 in the form of Elpida Memory, Inc.'s corporate reorganization filing, a Chapter 11 bankruptcy filing made by Cliffs Club & Hospitality Group, Inc. and the City of Stockton, Calif.'s announcement that it will move forward with a process that allows for financial restructuring using a 60-day confidential neutral evaluation.

Meanwhile, Standard & Poor's reported no new defaults for the week, leaving its 2012 global total at 18.

So far this year, S&P said missed payments accounted for eight defaults, bankruptcy filings accounted for three, distressed exchanges were responsible for two, and three defaulters were confidential.

Of the remaining defaults, one resulted from a notice of acceleration by the issuer's lender and the other from the company's placement under regulatory supervision.

Of the 18 total defaults this year, the agency said 11 were based in the United States, four in the emerging markets and three in Europe.

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