Default Monitor -High Yield and Leveraged Loan Research

Default Monitor -High Yield and Leveraged Loan Research

Despite record default volume in 2009, the year ended with only one default in
December totaling $1.9 billion in institutional term loans, the lowest volume since
October 2008, and the fewest number of defaults since there were none in
November 2007. This follows a revision to November, in which five companies
defaulted totaling $28.1 billion and continues the trend of declining default
activity witnessed throughout the year. Specifically, an average of 15 companies
defaulted per month during the first four months of the year, an average of
ten companies defaulted during the next four months, and only five
companies on average defaulted during the last four months. This month’s
bankruptcy was the Chapter 11 filing of Citadel Broadcasting, the third largest
radio broadcaster in the US. The company filed for protection in order to
restructure its balance sheet through a debt-for-equity swap.

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