Prospect News marks one new default for week to July 6; S&P sees none

By Caroline Salls

Pittsburgh, July 8 - Prospect News reported one new default for the week of June 30 to July 6 in the form of a Chapter 11 bankruptcy filing made by Quincy Medical Center, Inc.

Meanwhile, Standard & Poor's did not record any defaults for the week, leaving its global corporate default tally at 18 issuers so far for 2011.

In comparison, S&P said that 46 global corporate issuers had defaulted by this time in 2010.

The agency said that 11 of this year's defaults were based in the United States, two each were based in New Zealand and Canada, and one each was based in the Czech Republic, France and Russia.

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

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

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