Prospect News marks two new defaults for March 22-28, S&P one

By Caroline Salls

Pittsburgh, March 30 - Prospect News reported two new defaults for the week of March 22 to March 28 in the form of a Chapter 11 bankruptcy filing made by Contract Research Solutions, Inc. (Cetero) and an insolvency proceeding for Pfleiderer AG.

In addition, Prospect News reported that eircom Group subsidiaries eircom Ltd., Meteor Mobile Communications Ltd. and Irish Telecommunications Investments Ltd. submitted an application to the High Court in Dublin to be placed in Irish examinership. Court protection was granted on March 29.

eircom Group had previously defaulted.

Meanwhile, Standard & Poor's reported one new default for the week, bringing its 2012 global default total to 25.

S&P said its latest default came when Dex One Corp. was downgraded to SD after it completed a repurchase of term debt below par value.

So far this year, missed payments accounted for nine defaults, bankruptcy filings accounted for five, distressed exchanges were responsible for four, 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 25 total defaults counted by S&P this year, 15 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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