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Non-Recourse Debt | 3 Months Ended
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Mar. 31, 2013
DEBT | 7. NON-RECOURSE DEBT Significant transactions During the three months ended March 31, 2013, we had the following significant debt transactions at our subsidiaries: Tietê issued new debt of $251 million partially offset by repayments of $60 million; El Salvador issued new debt of $310 million partially offset by repayments of $150 million; Sul issued new debt of $150 million partially offset by repayments of $34 million; Mong Duong drew $119 million under its construction loan facility; and Masinloc refinanced its senior debt facility of $500 million and incurred a loss on extinguishment of debt of $43 million. See Note 12―Other Income and Expense for further information. Debt in default The following table summarizes the Company's subsidiary non-recourse debt in default or accelerated as of March 31, 2013 and is classified as current non-recourse debt unless otherwise indicated:
|  |  | Primary Nature |  | March 31, 2013
| Subsidiary |  | of Default |  | Default Amount |  | Net Assets
|  |  |  |  | (in millions)
| Maritza |  | Covenant |  | $ | 819 |  | $ | 576
| Sonel |  | Covenant |  |  | 264 |  |  | 361
| Kavarna |  | Covenant |  |  | 196 |  |  | 82
| Changuinola |  | Covenant |  |  | 395 |  |  | 249
| Saurashtra |  | Covenant |  |  | 25 |  |  | 15
| Total |  |  |  | $ | 1,304 |  |  |
The above defaults are not payment defaults, but are instead technical defaults triggered by failure to comply with other covenants and/or other conditions such as (but not limited to) failure to meet information covenants, complete construction or other milestones in an allocated time, meet certain minimum or maximum financial ratios, or other requirements contained in the non-recourse debt documents of the Company. In addition, in the event that there is a default, bankruptcy or maturity acceleration at a subsidiary or group of subsidiaries that meets the applicable definition of materiality under the corporate debt agreements of The AES Corporation, there could be a cross-default to the Company's recourse debt. At March 31, 2013 none of the defaults listed above individually or in the aggregate results in a cross-default under the recourse debt of the Company.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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