Prospect News reports four new defaults for week of Feb. 28-March 6

By Caroline Salls

Pittsburgh, March 8 - Prospect News reported four new defaults for the week of Feb. 28 through March 6 in the form of Chapter 11 bankruptcy filings made by 1250 Oceanside Partners and Conexant Systems Inc., Northland Resources AB's missed interest payment on its 13% senior secured bond loan. and GMX Resources Inc.'s missed interest payment on its 9% senior secured second-priority notes due 2018.

In addition, Prospect News recorded a previous default by American Oriental Bioengineering Ltd., which missed July 16, 2012 and Jan. 15 interest payments on its 5% convertible senior notes due 2015.

Prospect News has reported 25 defaults so far in 2013, including 14 Chapter 11 filings, six missed interest payments, two each of missed principal payments and involuntary Chapter 11 filings and one missed payment.

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