Prospect News reports two new defaults for week; S&P sees none

By Caroline Salls

Pittsburgh, Jan. 28 - Prospect News reported two new defaults for the week of Jan. 21 to Jan 27 in the form of Chapter 11 bankruptcy filings made by Ultimate Acquisitions Partners, LP and Summit Business Media.

Meanwhile, Standard & Poor's 2011 global default tally held steady at one issuer after the ratings agency saw no new defaults for the week.

In comparison, the ratings agency said 14 global corporate issuers had defaulted at this time last year, including 12 U.S.-based issuers, one Australian issuer and one Canadian issuer.

S&P said its one 2011 defaulter missed a principal payment. The agency said missed payments were among the top reasons for default last year, accounting for 28 defaults.

Also in 201, 25 defaults resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships and one each from regulatory directives and administration.

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