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Mallinckrodt higher as company mulls another bankruptcy; Michaels better; Level 3 mixed
By Cristal Cody
Tupelo, Miss., June 5 – Mallinckrodt plc’s paper rose on Monday on a chunk of trading action on news of a possible Chapter 11 bankruptcy filing, barely a year after the company last emerged from Chapter 11.
Mallinckrodt’s 10% second-lien notes due 2025 (Caa1/CCC+) traded ¾ point better at 78 bid on $5 million of volume, a source said.
Looking at distressed retail paper on Monday, Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC) pushed 1¼ points higher in active trading.
The notes went out at 62½ bid on $6.3 million of volume, a source said.
Some of the most active distressed paper traded Monday was from Lumen Technologies, Inc. subsidiary Level 3 Financing, Inc., which traded mostly higher after the company held its investor day and announced several major updates, a source said.
The 3 5/8% senior notes due 2029 (B1/B) fell more than ¼ point to a 56 bid handle on more than $11 million of volume in the most active issue.
Meanwhile, Level 3 Financing’s 4¼% senior notes due 2028 (B1/B) rose 1¼ points to 61¼ bid on $7.27 million of secondary supply.
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