Prospect News reports three new defaults for week to Sept. 5, S&P one

By Caroline Salls

Pittsburgh, Sept. 7 - Prospect News reported three new defaults for the week of Aug. 30 through Sept. 5 in the form of a Chapter 11 bankruptcy filing by Journal Register Co., a Chapter 15 bankruptcy filing made by China Medical Technologies, Inc. and H.E.A.T. Mezzanine SA's missed principal payment on its class B1 and B2 floating-rate notes due 2013.

Prospect News has reported a total of 106 defaults so far in 2012.

Of those, 59 were Chapter 11 filings, 10 stemmed from missed interest payments, eight came in the form of distressed exchanges, six resulted from missed principal payments, five were from Chapter 15 bankruptcy filings, four resulted from 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 one new for the week, raising its 2012 default total to 55.

S&P said one confidentially rated Israeli financial institution defaulted this week.

By region, S&P said 30 of the 55 defaulters were based in the United States, 15 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 nine were confidential.

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

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