According to the Financial Times:
“[There is a] New wave of CDOs at risk of default .
Synthetic CDOs, the risky and complex debt products that are based on pools of corporate credit derivatives, are under increasing pressure after suffering a wave of default-related losses on top of general credit market deterioration.”
See also this article from Bloomberg.
Rising CDO defaults could very well lead to massive new CDS problems, sparking off another round of company failures.