Prospect News reports no new defaults for June 7 to June 13; S&P one

By Caroline Salls

Pittsburgh, June 15 - Prospect News reported no new defaults for the week of June 7 through June 13.

Prospect News did report a Chapter 11 bankruptcy filing made by Allied Systems Holdings, Inc. on June 10. However, Allied had previously defaulted when an involuntary bankruptcy case was filed against it in May.

Prospect News has reported of total of 82 defaults so far in 2012.

Of those, 47 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, examinership, insolvency, administration, notices of default and acceleration and reorganization.

Meanwhile, Standard & Poor's said its 2012 global corporate default tally increased to 34 issuers this week after a confidentially rated metals and mining company based in the emerging markets defaulted.

S&P said this tally, which is more than double that seen through June 13 of last year, has included a sharp rise in corporate defaults in the emerging markets as of late.

The ratings agency said all three corporate defaults in the past three weeks were based in the emerging markets, and the region accounts for one out of four of all defaulted corporate issuers so far in 2012.

Of the total defaults this year, S&P said 20 were based in the United States, eight in the emerging markets, four 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 accounted for six, and another six defaulters were confidential.

The remaining four entities defaulted for various other reasons, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.