S&P sees one new default for week of April 19-April 25; 2012 tally 29

By Caroline Salls

Pittsburgh, April 30 - Standard & Poor's reported one new default for the week of April 19 to April 25, bringing its year-to-date default tally to 29, according to a news release.

Brazil-based Lupatech SA selectively defaulted. The agency said it lowered the ratings on the capital goods company to SD after it postponed its debentures' interest payment due on April 15.

Of the total defaulters this year, 18 were based in the United States, six 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 missed payments accounted for 12 defaults, bankruptcy filings accounted for six, 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.

As previously reported, Prospect News reported two new defaults for the week of April 19 to April 25, including a Chapter 11 bankruptcy filing made by Bicent Holdings LLC and a notice of default and acceleration for West Trade Funding CDO III Ltd./West Trade Funding CDO III LLC.

So far in 2012, Prospect News has recorded 60 defaults.

Those 60 defaults included 32 Chapter 11 filings, eight missed interest payments, five Chapter 15 bankruptcy filings, four distressed exchanges, two each of Companies' Creditors Arrangement Act filings, missed principal and interest payments and missed principal payments and one each of corporate debt restructurings, examinerships, insolvency filings, notices of default and acceleration and reorganizations.

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