Prospect News reports two new defaults for week to Aug. 29, S&P none

By Caroline Salls

Pittsburgh, Aug. 31 - Prospect News reported two new defaults for the week of Aug. 23 through Aug. 29 in the form of a Chapter 11 bankruptcy filing made by Contec Holdings, Ltd. and Mouchel Group plc's administration.

Prospect News also reported Ampal-American Israel Corp.'s Aug. 29 bankruptcy filing. However, Ampal-American had previously defaulted with a Jan. 23, 2012 missed interest payment.

Prospect News has reported a total of 103 defaults so far in 2012.

Of those, 58 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 each were from Chapter 9 bankruptcy filings and administrations, and one stemmed from each of missed principal and interest payments, corporate debt restructuring, examinership, notices of default and acceleration, bankruptcy, reorganization, insolvency, restructuring, liquidation and Chapter 7 bankruptcy filings.

Meanwhile, Standard & Poor's reported no new defaults for the week. S&P's 2012 default total is 54.

S&P said it revised the 2012 global corporate default tally to account for ATP Oil & Gas Corp.'s default. ATP was downgraded to D from CCC on Aug. 21 after it filed for Chapter 11 bankruptcy.

By region, S&P said 30 of the 54 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 16 defaults, missed payments accounted for 15, distressed exchanges for 10, and eight were confidential.

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

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