DOW JONES NEWSWIRES
Eleven more global corporate issuers defaulted this week,
bringing the year-to-date total to 132 and topping all of last
year's total, according to Standard & Poor's.
Defaults have been surging for more than a year as the economy
deteriorated and tight credit made refinancing debt much more
difficult.
Missed interest payments caused the majority of the defaults
this week. One U.S. company, ION Media Networks Inc. (IION), filed
for bankruptcy.
Of the week's defaults, eight were based in the U.S. and three
in emerging markets, bringing the totals to 93 and 24,
respectively. There have been seven defaults this year in Europe
and eight in the other developed region, which includes Australia,
Canada, Japan and New Zealand, according to S&P.
Other U.S.-based companies defaulting this week include Atrium
Cos. (ACIH), Inn of the Mountain Gods Resort and Casino, Caraustar
Industries Inc.(CSAR), Dana Holding Corp. (DAN) and Georgia Gulf
Corp. (GGC).
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com