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Default, Transition, and Recovery: Global Corporate Default Update (Jan. 12 - 18, 2012) Jan 12
Standard & Poors, January 2012
U.S. business-to-business publisher and trade show operator Hanley Wood LLC completed a subpar recapitalization of its debt on Tuesday, which we view as tantamount to default. This raises the 2012 global corporate default tally to five. Of the 53 global corporate defaults in 2011, 39 were based in the U.S., seven were from the other developed region (Australia, Canada, Japan, and New Zealand), four were from Europe, and three were based in the emerging markets. So far this year, two issuers missed interest payments, one completed a subpar debt exchange, one filed for bankruptcy, and one was confidential. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings--both of which were among...
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