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Prospect News reports three new defaults for April 25-May 1, S&P one
By Caroline Salls
Pittsburgh, May 3 - Prospect News reported three new defaults for the week of April 25 to May 1.
The latest defaults reported include a Chapter 7 bankruptcy filing made by CPI Corp., a Chapter 11 bankruptcy filing by Coda Holdings, Inc. and Corporacion GEO, SAB de CV's missed stock certificates interest payment.
In addition, Prospect News reported missed principal and interest payments on Shingle Creek Community Development District (Osceola County)'s capital improvement revenue bonds, series 2006, but Shingle Creek had previously defaulted with a November 2012 missed interest payment.
Prospect News has reported 47 defaults so far in 2013, including 26 Chapter 11 filings, six each of missed interest payments and missed principal and interest payments, three missed principal payments, two each of Chapter 7 bankruptcy filings and involuntary Chapter 11 filings and one each of missed payments and distressed exchanges.
Meanwhile, Standard & Poor's reported one new default for the week, raising its 2013 global corporate default tally to 26 issuers.
S&P said it lowered its global scale ratings on Corporacion GEO to D from CCC+ after the company failed to pay its Ps. 2.4 million interest payment due on April 26.
The agency said 10 of the 2013 defaults stemmed from missed interest, principal or cash payments, six from bankruptcy filings, six from distressed exchanges, one from a failure to refinance or pay off a revolving credit facility and one from subpar bond buybacks. The other two defaults were confidential.
Of the 26 defaults, 15 are based in the United States, six in Europe and five in the emerging markets, S&P reported.
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