As expected, Public Service Co. of New...

As expected, Public Service Co. of New Hampshire skipped a $37-million debt payment, becoming the first major investor-owned electric utility to default in more than half a century . . . Cannon Group announced that it did not make interest payments due Thursday on two series of its debentures but that it has 30 days to do so before default. The film company also said it intends to make the payments during the 30-day remedy period . . . A potential agreement for Pirelli Societe Generale of Milan, Italy, to acquire 80% of the Armstrong Tire Co. has collapsed, Armstrong’s parent company, Armtek Corp., reported.