Prospect News reports zero new defaults for Feb. 7-Feb. 13, S&P one

By Caroline Salls

Pittsburgh, Feb. 15 - Prospect News reported no new defaults for the week of Feb. 7 through Feb. 13.

Prospect News did report an involuntary Chapter 11 bankruptcy case filed against China Natural Gas, Inc. on Feb. 8.

However, China Natural gas had previously defaulted on its 5% guaranteed senior notes issued in 2008 as a result of its failure to make an interest payment and a mandatory redemption of the notes.

Prospect News has reported 14 defaults so far in 2013, including eight Chapter 11 filings, two missed principal payments and two missed interest payments, one missed payment and one involuntary Chapter 11 filing.

Meanwhile, Standard & Poor's reported one new default for the week, raising its 2013 global corporate default tally to 11 issuers.

Specifically, S&P said it lowered its issuer credit rating on Norwegian newsprint and magazine paper producer Norske Skogindustrier ASA to selective default after the company bought back bonds during the fourth quarter of 2012 at average discounts of about 30%.

S&P said eight of the 11 defaulted entities are based in the United States, two are based in Europe, and one is based in the emerging markets.

Of the 11 defaults so far this year, the agency said four are resulted from distressed exchanges, three from missed interest, principal, or cash payments, two from bankruptcy filings, one from a failure to refinance or pay off a revolving credit facility and one from subpar bond buybacks.

© 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.