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Blockbuster bonds continue gains, NewPage heads higher, Six Flags cautions on DIP need
By Paul Deckelman and Sara Rosenberg
New York, March 5 - Blockbuster Inc.'s bonds were up by at least a point on Friday, extending the roughly 4 point gains the bonds recorded in Thursday's trading, apparently on the strength of bullish comments about Blockbuster's prospects from its chief executive officer. A trader, however, raised the possibility that at least some of the upside in Blockbuster was due to dealer short-covering rather than strictly fundamental developments.
NewPage Corp. bonds continued their recent firming trend, helped by the news earlier in the week that the U.S. government had imposed penalty tariffs on coated paper coming from China and Indonesia due to what it said were improper manufacturing subsidies from their respective governments.
Visteon Corp.'s bonds continued to settle in around the mid-80s, after an effort to take them higher fizzled. The bonds had been riding momentum from a big surge that took place at the end of last week and the beginning of the week just completed following the release of favorable fourth-quarter and full-year results
Six Flags Inc.'s bonds were seen unchanged to slightly lower, while its term loan held firm, as the financial markets reacted to the company's caution that it may need debtor-in-possession financing if its bankruptcy case drags on past mid-April. Meanwhile, the company released quarterly numbers, and lawyers for opposing bondholder groups made ready for arguments at Monday's confirmation hearing for the company's controversial reorganization plan.
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