Toy’s ‘R’ Us tumbles on renewed bankruptcy talk; Rite Aid gains; iHeart improves

By Paul Deckelman

New York, Sept. 18 – Distressed-debt market participants were watching the continued destruction of Toys ‘R’ Us Inc.’s bonds on Monday.

That paper – already on the slide since just after Labor Day -- continued to cascade lower on during Monday’s session amid renewed speculation that the troubled retailer could file for Chapter 11 protection from its bondholders and other creditors, with some news reports predicting such a step was imminent.

Also among the retailers, Rite Aid Corp. notes were up slightly, and its shares up as well, as news reports that bigger sector rival Walgreens Boots Alliance, has expressed a willingness to modify its planned acquisition of more than 2,000 current Rite Aid stores in order to gain approval from federal antitrust authorities.

iHeart Communications Inc. paper moved up in Monday trading, although there seemed to be no fresh news out about the radio and outdoor advertising conglomerate that might explain that rise.

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