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RadioShack dips as fund urges repayment of lenders; coal space bonds continue to decline
By Stephanie N. Rotondo
Phoenix, Aug. 1 – The distressed debt market remained under pressure Friday, the first trading day of the new month.
RadioShack Corp. bonds were getting hit, dropping nearly 2 points on the day. The losses came in the wake of news out Thursday in regard to a hedge fund’s proposal to pay off some creditors that had blocked part of the company’s turnaround plan.
Among other retailers, Rue21 Inc.’s 9% notes due 2021 were off over a point in a single trade at 74, according to a trader.
But Gymboree Corp.’s 9 1/8% notes due 2018 managed to buck the overall trend of the day, ending up a touch at 60 1/8.
Walter Energy Inc. paper was meantime continuing to decline, just one day after the company reported disappointing earnings. The coal sector as a whole was weak as well. For its part, Alpha Natural Resources Inc. might have been driven by news the company was considering shuttering 11 mines.
And in Arch Coal Inc.’s debt, a trader said the 7¼% notes due 2021 and 2020 ended at 63¼ and 64, respectively.
That was down almost a point and 2½ points, he said.
Elsewhere, Caesars Entertainment Corp. was another soft one, though there was no fresh news to act as a catalyst.
A trader said the 10% notes due 2018 fell 1½ points to 31, while the 9% notes due 2020 slipped slightly to 83.
The 11¼% notes due 2017 lost nearly 2 points, ending around 86 3/8.
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