Dura Automotive Bonds Plunge
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Dura Automotive Bonds Plunge

Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results.

Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results. Its senior 8 5/8% '12 bonds dropped three-and-a-quarter points to 80 1/4. Dura, an auto supplier based in Rochester Hills, Mich., posted a $131.3 million net loss for the quarter, compared to a net income of $3 million for the prior year's quarter. Adjusted EBITDA for the quarter was $21.4 million compared to $50.2 million in the same quarter a year ago.

The poor results were due to lower North American and European automotive production, a bad vehicle platform mix and the loss of a seat adjuster business, according to a company release. Net loss for the six months of 2006 was $138.3 million compared to a net loss of $1.9 million in the same period a year ago. A spokesman did not return a call seeking comment.

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