Burwood filed Chapter 11 last April after its primary lender; Comerica, declared the company in technical default
for failing to meet certain performance levels in 1994.
This technical default
would result in interest payments being diverted away from class B, which would cause that note to default as well.
The asset markets gyrated far more last week as investors preferred to focus on the bad news; some weaker economic data particularly in the Eurozone, troubles in the Ukraine, Argentina's technical default
and ongoing banking problems in Portugal.
Energy is a sector sparking huge controversy in Bulgaria over the past months, as NEK is believed to be in a state of technical default
with <a rel=nofollow href="http://www.novinite.com/articles/160005/Debts+of+Bulgaria%27s+NEK+Grew+by+a+Quarter+in+2013" target="_blank">debts still going up, but also as national regulator DKEVR and the electricity distribution companies (EDCs) are involved in a bitter dispute which at a certain point <a rel=nofollow href="http://www.novinite.com/articles/159078/Bulgarian+Energy+Watchdog+to+Cancel+Permits+of+Power+Distributors" target="_blank">was on the verge of ending with power distributor's licenses suspended.
And we are more concerned on the debt ceiling issue because that's potentially accompanied by the technical default
of the U.S.
On Tuesday, the aircraft plummeted 1,000 feet after a "technical default
," according to Mohammed Al-Khubani, an officer in the Air Forces
Otherwise of any tranches have to say because of the onset of a technical default
"It will not be lost on investors that the US politicians raised a considerable risk of the US going into technical default
," wrote Gary Dugan, Chief Investment Officer EoAC" Private Banking at Emirates NBD in a research note.
Treasuries even as politicians in Washington wrangle over extending its debt ceiling and the world's biggest economy lurches towards a technical default
"Even a so-called 'technical default
' would suggest a crisis of 'governance' from a sovereign credit and rating perspective and though such an event (such a short-lived Treasury bill default) may not permanently impair the capacity of the U.S.
The bank said that a rally in Greek bond prices could be affected by risks of a 'technical default
.' The bank also was not positive about bonds issued by countries such as Portugal and Spain.