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Credit default swaps referencing Lear Corp. were settled at 38.5%, Markit and Creditex determined in an auction today.
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Fairpoint Communications is in the throes of an attempt to refinance its debt out of court.
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Starting in late July, credit default swaps triggered by restructuring credit events in Europe and North America will be settled according to five buckets corresponding to the maturity of their underlying reference obligations.
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Third Avenue Management has hired two fixed income veterans to lead the charge of investing in credit for the firm’s special situation hedge fund, as well as to help launch a credit opportunities debt mutual fund.
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General Motors Corp.’s bank debt soared today on speculation lenders may be taken out at par in a possible restructuring.
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Distressed paper outperformed last week as the rally in equity markets translated into an increased appetite for risk.
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Auto supplier credits held steady this week, showing minimal gains following a $5 billion U.S. Treasury program announced March 19 to provide liquidity to the sector.
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Theme park operator Six Flag's term loan fell further last week as uncertainty surrounding the New York-based company's debt restructuring plans lingered.
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BI-LO filed for Chapter 11 last Monday in order to address an upcoming debt maturity, the company said. It has received a $100 million debtor-in-possession facility arranged by GE Capital, with a $45 million sublimit for letters of credit.
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Ford Motor Co.'s term loan was up almost 10 points last Wednesday after it announced its $500 million debt buyback was oversubscribed, leading it to increase its offer to $1 billion.