Prospect News reports one new default for July 12-18, S&P none

By Caroline Salls

Pittsburgh, July 20 - Prospect News reported one new default for the week of July 12 through July 18 in the form of a Chapter 11 bankruptcy filing made by Valence Technology.

Prospect News also reported a Chapter 11 filing made by FiberTower Corp., but that company previous defaulted with a Nov. 15, 2011 missed interest payment.

Prospect News has reported a total of 91 defaults so far in 2012.

Of those, 53 were Chapter 11 filings, eight each stemmed from missed interest payments and distressed exchanges, five resulted from missed principal payments, four each were from Chapter 15 bankruptcy filings and 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, reorganization, Chapter 7 bankruptcy filings and Chapter 9 bankruptcy filings.

Meanwhile, Standard & Poor's reported no new defaults for the week.

The agency's year-to-date default tally is 47, which reflects revisions made to include five more issuers as part of its quarterly reconciliation process.

S&P said that three of these issuers defaulted after the agency withdrew the ratings on the companies, and two are confidential.

By region, S&P said that 25 of the 47 defaulters were based in the United States, 13 were in the emerging markets, six in Europe and three were in the other developed region, which includes Australia, Canada, Japan and New Zealand.

So far this year, the ratings agency said that missed payments and bankruptcy filings each accounted for 13 defaults, distressed exchanges accounted for nine and eight defaulters were confidential.

The remaining four entities defaulted for various other reasons, S&P said in its release.

© 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.