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Distressed bonds firm to start week; Advanced Micro up on spinoff rumors; Hercules steady
By Stephanie N. Rotondo
Phoenix, June 22 – The distressed debt market was following the broader markets into higher territory on Monday, as investors were once again optimistic that a Greece deal could be inked.
However, European Union leaders warned that a deal might not come Monday.
Advanced Micro Devices Inc. was also faring better on the day, but not so much because of the Greece hopes as it was to rumors the company was considering splitting itself.
Reuters reported that Sunnyvale, Calif.-based chipmaker was looking into the pros and cons of spinning off one of its business, citing unnamed sources. But a company spokesperson later denied that the rumors had any grain of truth to it, insisting that the company was committed to following a long-term strategy it laid out at its recent financial analyst day.
Still, the company’s debt finished “better,” a trader said.
AMD has been struggling to take back market share from competitors like Intel. In its most recent quarterly report, revenue was reported at $1.03 billion, less than the $1.05 billion forecast by analysts.
Elsewhere in the distressed realm, Hercules Offshore Inc. paper continued to hold on as the company reportedly gets closer to filing for bankruptcy.
In a news release published after the market closed Wednesday, the Houston-based offshore drilling services provider said it had reached a deal with a group of its senior noteholders that would convert about $1.2 billion of debt into 96.9% of new common stock in the reorganized company.
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