Meanwhile, bank debt for American Commercial Lines (ACL) has been growing stronger over the last couple of weeks, floating up and out of the high 80s into the 95-96 range. It is unclear what has caused the recent uptick, but one trader explained that a financing package for a comparable company was reflecting positively on the name. ACL is currently wading through bankruptcy, after filing in January 2003. The marine transportation company was acquired by DanielsonHoldingCorp. in 2002. Calls to PhilipGund, interim cfo for ACL, were not returned by press time.
Charter Stronger Even As Bank Sell Down; ACL Floats Up
Charter Communications' new bank debt settled a touch higher on the break last week.