Prospect News reports two new defaults for week of May 31 to June 6

By Jim Witters

Wilmington, Del., June 8 - Prospect News reported two new defaults for the week of May 31 through June 6.

Specifically, RG Steel, LLC filed Chapter 11 bankruptcy on May 31, and Franklin Credit Holding Corp. filed Chapter 11 on June 4.

The latest defaults brings Prospect News' total reported in 2012 to 80.

Of those, 44 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.

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