Bangkok--15 May--Standard & Poor's
Puerto Rico-based yellow pages publisher Caribe Media Inc. filed for bankruptcy protection this week, raising the 2011 global corporate default tally to 15, said an article published today by Standard & Poor's Global Fixed Income Research.
Ten of this year's defaults were based in the U.S., two were based in New Zealand, and one each was based in Canada, the Czech Republic, and Russia, according to the article, titled "Global Corporate Default Update (May 6 - 12, 2011) (Premium)."
By comparison, 35 global corporate issuers had defaulted by this time in 2010. Of these defaulters, 24 were based in the U.S., two in Europe, three in the emerging markets, and six in the other developed region (Australia, Canada, Japan, and New Zealand).
Six of this year's defaults were due to distressed exchanges and five were due to missed interest or principal payments--both among the top reasons for default in 2010. Of the remaining four, two issuers defaulted after they 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.
Of the defaults in 2010, 28 defaults resulted from missed interest or principal payments, 25 resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, one from regulatory directives, and one from administration.
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