Prospect News sees five new defaults for March 1 to March 7, S&P three

By Jim Witters

Wilmington, Del., March 9 - Prospect News reported five new defaults for the week of March 1 to March 7 in the form of Chapter 11 bankruptcy filings by American West Development, Inc., United Western Bancorp, Inc. and Pemco World Air Services, Inc. as well as missed principal and interest payments by Village of Pingree Grove, Ill., and Circus and Eldorado Joint Venture.

The Village of Pingree Grove missed payments on its Cambridge Lakes Project series 2005-1 special tax bonds.

Circus and Eldorado missed payments on its 10 1/8% mortgage notes issued by Circus and Eldorado and Silver Legacy Capital Corp.

Meanwhile, Standard & Poor's reported three new defaults for the week, including Circus and Eldorado, electricity distributor Centrais Eletricas do Para SA and Native American gaming operator Mohegan Tribal Gaming Authority.

Centrais Eletricas do Para filed for judicial reorganization. Mohegan announced the completion of its comprehensive debt refinancing transactions, including the consummation of its exchange offers and the amendment and restatement of its credit facility.

The defaults bring S&P's 2012 global total to 23.

So far this year, missed payments accounted for nine defaults, bankruptcy filings accounted for five, distressed exchanges were responsible for three, and three defaulters were confidential, according to Standard & Poor's.

Of the remaining defaults, one was due to a notice of acceleration by the issuer's lender, one was due to the company's placement under regulatory supervision, and the last was due to a judicial organization filing, Standard & Poor's reported.

Of the 23 total defaults counted by Standard & Poor's this year, 14 were based in the United States, five in the emerging markets, three in Europe and one in the other developed region, which includes Australia, Canada, Japan and New Zealand.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.