Prospect News sees one new default for March 8-15, S&P none

By Caroline Salls

Pittsburgh, March 16 - Prospect News reported one new default for the week of March 8 to March 15 in the form of a Chapter 11 bankruptcy filing made by nine properties represented by American Asset Corp.

In addition, Prospect News reported a legal proceedings stay and Chapter 15 bankruptcy filing for subsidiaries of PT Berlian Laju Tanker Tbk, a Chapter 11 bankruptcy filing made by Cano Petroleum, Inc. and the City of Harrisburg, Pa.'s missed interest payment on its series D and series F G.O. Series D G.O. refunding bonds of 1997.

Berlian Laju Tanker, Cano Petroleum and Harrisburg had all previously defaulted.

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

Of the remaining defaults, one stemmed from a notice of acceleration by the issuer's lender, one from the company's placement under regulatory supervision and the last from a judicial organization filing.

Of the 23 total defaults counted by S&P 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.

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