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Prospect News reports two new defaults for week to Aug. 15, S&P one
By Caroline Salls
Pittsburgh, Aug. 17 - Prospect News reported two new defaults for the week of Aug. 9 through Aug. 15 in the form of LifeCare Holdings, Inc.'s missed interest payment on its senior subordinated notes and REC Wafer Norway AS' bankruptcy filing.
Prospect News also reported that Belize would miss the Aug. 20 interest payment on its U.S. dollar step-up bonds due 2029. Belize previously defaulted in December 2006.
Prospect News has reported a total of 95 defaults so far in 2012.
Of those, 54 were Chapter 11 filings, 10 stemmed from missed interest payments, eight came in the form of distressed exchanges, five resulted from missed principal payments, four each were from Chapter 15 bankruptcy filings and Companies' Creditors Arrangement Act filings, two were from Chapter 9 bankruptcy filings, and one stemmed from each of missed principal and interest payments, corporate debt restructuring, examinership, administration, notices of default and acceleration, bankruptcy, reorganization and Chapter 7 bankruptcy filings.
Meanwhile, Standard & Poor's reported one new default for the week, bringing its 2012 total to 52.
S&P said Sweden-based bus operator Nobina AB announced a temporary deferral of the coupon and principal repayments on its €85 million senior secured notes due Aug. 1, 2012, until Oct. 31.
As a result, the agency lowered Nobina's issuer credit rating to selective default from CC.
By region, S&P said 28 of the 52 defaulters were based in the United States, 14 in the emerging markets, seven in Europe and three in the other developed region, which includes Australia, Canada, Japan and New Zealand.
So far this year, S&P said bankruptcy filings accounted for 15 defaults, missed payments for 14, distressed exchanges for 10, and eight were confidential.
The remaining five entities defaulted for various other reasons, the agency reported.
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