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Distressed debt gains amid limited liquidity; Colt Defense says going concern in question
By Stephanie N. Rotondo
Phoenix, Nov. 26 – Trading in the distressed debt market was muted ahead of Thanksgiving, market sources reported.
“It was trading like it’s a day before a holiday coupled with an incoming snowstorm,” one trader said.
Despite the limited liquidity, there was some strength in the market.
iHeart Communications Inc.’s 10% notes due 2018 were deemed “up almost a point” at 80, according to a trader. The 14% notes due 2021 inched up half a point to 87¾.
Another trader said the name was “pretty much in line with where it has been.”
Halcon Resources Corp.’s 8 7/8% notes due 2021 were then seen rising a quarter-point to 82¼.
Even Caesars Entertainment Corp. was ticking upward. A trader said the 11¼% notes due 2017 were half a point better at 80.
Colt Defense LLC said that its ability to continue as a going concern was in question in a regulatory filing on Friday.
One trader said there “really wasn’t any trading” in the name, given that there were fewer people at their desks.
“I would think they were quoted lower on that news, but there’s nothing going on at all,” he said.
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