Prospect News and S&P each see one new default for week of March 15-21

By Caroline Salls

Pittsburgh, March 23 - Prospect News reported one new default for the week of March 15 to March 21 in the form of a Chapter 11 bankruptcy filing made by Arcapita Bank BSC(c).

In addition, Prospect News reported a Companies' Creditors Arrangement Act case filed by Aveos Fleet Performance Inc., a Chapter 15 bankruptcy filing by Elpida Memory, Inc. and the City of Harrisburg, Pa.'s missed interest payment on its series 1997D general obligation refunding bonds and series 1997F G.O. refunding notes.

Aveos, Elpida Memory and Harrisburg had all previously defaulted.

Meanwhile, Standard & Poor's reported one new default for the week, bringing its 2012 global default total to 24.

S&P said its latest default came from a confidential issuer based in Canada.

So far this year, missed payments accounted for nine defaults, bankruptcy filings accounted for five, distressed exchanges were responsible for three, and four 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 24 total defaults counted by S&P this year, 14 were based in the United States, five in the emerging markets, three in Europe and two in the other developed region, which includes Australia, Canada, Japan and New Zealand.

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