Prospect News marks one new default in week to July 27; S&P sees two

By Caroline Salls

Pittsburgh, July 29 - Prospect News reported one new default for the week of July 21 to July 27 in the form of a distressed exchange made by YRC Worldwide Inc.

Meanwhile, Standard & Poor's recorded two defaults for the week, bringing its global corporate default tally at 21 issuers so far for 2011.

Specifically, S&P recorded YRC's default, as well as a receiver appointed for New Zealand-based finance company NZF Money Ltd.

In comparison, S&P said that 50 global corporate issuers had defaulted by this time in 2010.

The agency said that 13 of this year's defaults were based in the United States, three were based in New Zealand, two were based in Canada, and one each was based in the Czech Republic, France and Russia.

S&P said eight of this year's defaults stemmed from missed interest or principal payments, and seven resulted from distressed exchanges - both among the top reasons for default in 2010.

Of the remaining six 2011 defaults, three issuers filed for bankruptcy, another had its banking license revoked by its country's central bank, the fourth was forced into liquidation as a result of regulatory action and the sixth was appointed a receiver.

© 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.