Prospect News reports three new defaults for week to Aug. 22, S&P one

By Caroline Salls

Pittsburgh, Aug. 24 - Prospect News reported three new defaults for the week of Aug. 16 through Aug. 22 in the form of Chapter 11 bankruptcy filings made by Broadview Networks Holdings, Inc. and ATP Oil & Gas Corp. and a bankruptcy filing made by REC Wafer Norway AS.

Prospect News also reported that Belize would miss the Aug. 20 interest payment on its dollar step-up bonds due 2029. Belize previously defaulted in December 2006.

Prospect News has reported a total of 99 defaults so far in 2012.

Of those, 56 were Chapter 11 filings, 10 stemmed from missed interest payments, eight came in the form of distressed exchanges, six 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, insolvency and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's reported one new default for the week, bringing its 2012 total to 53.

S&P said it lowered its corporate credit rating on U.S.-based LifeCare Holdings Inc. to D after the company missed an interest payment on its $119.3 million of outstanding senior subordinated notes.

The agency said the 2012 year-to-date default count is now the same as the total for all of 2011.

By region, S&P said 29 of the 53 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 and missed payments each accounted for 15 defaults, distressed exchanges for 10, and eight were confidential.

The remaining five entities defaulted for various other reasons, the agency reported.

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