Prospect News, S&P each report one new default for June 14 - June 20

By Caroline Salls

Pittsburgh, June 22 - Prospect News reported one new default for the week of June 14 through June 20 in the form of a Chapter 11 bankruptcy filing made by Northstar Aerospace, Inc.

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 37 issuers this week after U.S.-based ATI Acquisition Co. defaulted.

S&P said it lowered its rating on ATI to D, reflecting confidential information that ATI made available to the ratings agency regarding its debt obligations.

In addition, S&P said it added two other issuers to the default total since its last weekly report, including Brazil-based Centrais Electricas Matogrossenses and a confidential U.S.-based issuer that defaulted after S&P withdrew its rating on the company.

Of the total defaults this year, S&P said 22 were based in the United States, nine 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 13 defaults, bankruptcy filings accounted for six, distressed exchanges accounted for six, and another eight defaulters were confidential.

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

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