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J.C. Penney loses Macy’s battle, bonds finish higher; Caesars mostly firm, 10% notes slip
By Stephanie N. Rotondo
Phoenix, June 16 – The distressed debt market began the week with a soft tone, especially as volume in the space was limited as investors focused on a slurry of M&A deals.
J.C. Penney Co. Inc. bonds were mostly higher Monday, even as a judge ruled against the Plano, Texas-based retailer in favor of Macy’s.
The two had been battling in court over J.C. Penney’s home goods deal with Martha Stewart.
J.C. Penney is considering appealing the ruling.
Elsewhere in the retail realm, a trader said Gymboree Corp.’s 9 1/8% notes due 2018 fell 1¼ points in a single trade to 73.
The bonds had run up last week, despite the company reporting a wider net loss.
Also weaker were Toys “R” Us Inc.’s 10 3/8% notes due 2017, which dipped a quarter-point to 86¾, according to the trader.
Caesars Entertainment Corp. debt was meantime also mostly higher, aside from its 10% second-lien notes due 2018.
Earlier this month, the company received a notice of default on that indenture from a group of noteholders holding about 30% of the issue.
Caesars has denied the allegations and deemed the notice meritless.
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