Prospect News reports two new defaults for week of May 24 to May 30

By Jim Witters

Wilmington, Del., June 1 - Prospect News reported two new defaults for the week of May 24 to May 30.

Specifically, B+H Ocean Carriers and Dewey & LeBoeuf LLP filed Chapter 11 bankruptcy cases during the week.

These latest defaults increase Prospect News' total reported in 2012 to 78.

Of those, 42 were Chapter 11 filings, nine were missed interest payments, eight were distressed exchanges, five were Chapter 15 bankruptcy filings, four were missed principal payments, two resulted from Companies' Creditors Arrangement Act filings and one each stemmed from missed principal and interest payments, corporate debt restructuring, involuntary Chapter 11 filings, examinership, insolvency, administration, notices of default and acceleration and reorganization.

Meanwhile, Standard & Poor's reported that one confidentially rated Mexico-based homebuilder and real estate company defaulted during the week, raising the 2012 global corporate default tally to 32.

The ratings company said that, of the total defaults it reported this year, 20 were based in the U.S., seven in the emerging markets, three in Europe, and two in the other developed region (Australia, Canada, Japan and New Zealand).

By comparison, in 2011, 16 issuers - 10 based in the U.S., two in New Zealand, two in the emerging markets, one in Europe and one in Canada - defaulted during the same period.

Standard & Poor's expects the U.S. corporate trailing 12-month speculative-grade default rate to rise to 3.6% by March 2013 from 2.5% as of March 2012.

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