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Bid-wanteds weigh on distressed space; 21st Century Oncology weakens; TXU volatility calms
By Stephanie N. Rotondo
Phoenix, July 18 – While the broader markets attempted to rally Friday after getting beaten down on news of a Malaysian Airlines crash over the Ukraine on Thursday, the distressed debt market did not appear to recover as well.
“Things are drifting off on a lot of bid-wanted lists,” a trader said.
Though not heavily traded during the final session of the week, 21st Century Oncology Inc.’s bonds continue to nosedive on concerns regarding the company’s revenue streams.
Traders deemed the bonds down at least 8 points on the day. The debt was seen down 10 points on Thursday versus Tuesday levels.
“That name just keeps getting beat up,” a trader said.
Earlier this month, the Department of Health and Human Services said that it could cut the amount Medicare and Medicaid pays to radiation therapy providers for equipment costs.
A trader said that volatility in Energy Future Holdings Corp. paper calmed down on Friday, noting that the name had been gyrating as news came out that the company’s restructuring support agreement needed to be modified or canceled.
Verso Paper Corp.’s debt sought to recover some of the losses incurred Thursday after the papermaker said that as of the early tender deadline, the company had received less than the 75% needed to move forward with its proposed NewPage merger.
Elsewhere, Fannie Mae and Freddie Mac paper continued to gain momentum in Friday dealings.
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