Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Toys 'R' Us Inc. > News item |
Distressed debt slips in Tuesday trading session; Exide bonds beaten up; Toys ‘R’ Us firm
By Stephanie N. Rotondo
Phoenix, Sept. 2 – The first trading day of the month – and the first back from the long holiday weekend – was a tough one for the markets, including the distressed debt market.
In equities, both the Dow Jones industrial average and the S&P 500 index finished the day modestly lower.
A trader said Exide Technologies Inc. remained under pressure, as it has been since mid-August when it was announced the company was under a grand jury investigation for the leak at its Vernon, Calif.-based recycling plant.
The trader said the 8 5/8% notes due 2018 fell 4 points in Tuesday trading to 36½.
Another market source echoed that level, “so down a few points,” he said.
In a regulatory filing made Aug. 15, Exide said it had received a grand jury subpoena on Aug. 8 “in connection with a criminal investigation involving its Vernon, California, recycling facility.”
The plant was closed by state regulators after nearby arsenic levels were found to be unsafe.
The Milton, Ga.-based battery manufacturer and recycler filed for bankruptcy protections in 2013.
Before the holiday weekend, Toys “R” Us Inc. reported its second-quarter results, showing a wider loss than the previous year.
However, once market players returned from the long weekend, the Wayne, N.J.-based retailer’s bonds were trending higher.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.