Prospect News and S&P both see no new defaults for April 5-11 week

By Caroline Salls

Pittsburgh, April 9 - Prospect News and Standard & Poor's each reported no new defaults for the week of April 5 to April 11.

Prospect News did report a distressed exchange made by Horizon Lines, Inc. in connection with its 6% series and series B convertible secured notes during the week in question.

However, Horizon Lines previously defaulted when it missed an interest payment in August 2011. That payment was subsequently made within the grace period.

With no new defaults for the week, S&P's year-to-date default tally remained at 26, according to a news release.

Of the total 2012 defaulters, 16 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.

So far this year, S&P said that missed payments accounted for 10 defaults, bankruptcy filings accounted for five, distressed exchanges were responsible for four, and four defaulters were confidential.

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

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