NII Holdings posts more subscriber defections; Alpha Natural debt gains; Caesars subdued

By Stephanie N. Rotondo

Phoenix, Nov. 10 – It was nearly all quiet on the distressed debt front Monday, as market players looked instead to a holiday on Tuesday.

Veteran’s Day is Tuesday and the bond market will be closed. The stock market, however, will remain open.

Banks will be shut down for the day.

But of the bonds that were trading, many experienced upward momentum.

NII Holdings Inc. released earnings early in the day, showing more subscriber losses for the bankrupt company and a wider loss. Still, the bonds perked up during the session.

NII filed for bankruptcy protections in September. Because of its bankruptcy status, it will not hold a conference call to discuss the results.

Alpha Natural Resources Inc. was also rising, despite news of an idling mine. In fact, one trader noted that there was a “rebound” in energy names across the board.

Caesars Entertainment Corp., however, was not on the gaining list. The company reported its quarterly results during the day and held a conference call after the market closed. But leading up to the release and the subsequent call, the bonds were not all that active.

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