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--Carrie McIntyre, treasurer at Interstate Hotels & Resorts on why the company needed a more flexible credit facility.

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Bally Total Fitness' 9.875% '07 senior subordinated notes plummeted about 26 points to 70 after it announced Thursday afternoon it has hired Jefferies & Co. to help it explore options to restructure its debt, which may include filing for Chapter 11. Its 10.5% '11 senior notes fell about nine points to 91.

The second-lien term loan for Kelson Holdings was trading off last week, dipping to 96 1/2-97 1/2 last Wednesday and rising slightly to either side of 98 on Thursday afternoon, according traders

The working group prepping the loan-only credit default swap index, LCDX, is now hoping for an April 3 launch after it has been pushed back numerous times.

US hybrid capital issuers forged their way into the market with five deals this week, totalling almost $3.5bn — even though global capital markets were battered for two days by fears of a crisis in the US subprime mortgage market.

Calyon in New York has hired Alan Skandan from Dresdner Kleinwort as a managing director heading equity derivative sales to hedge funds.

Barclays Capital has hired Winston Wenyan Ma, senior v.p., marketing specialist and products structurer in equity capital and derivatives markets at JPMorgan in New York. He will join Barclays next month as associate director, reporting to Craig Orchant, head of corporate finance and risk management. Orchant was traveling and did not immediately return a call, but officials familiar with the hire said it is the first in Barclays' push into corporate equity derivatives (DW, 2/16). Ma left JPMorgan last week, where he reported jointly to Chris Harvey, head of the capital structure advisory and solutions team, and to Jeff Zajkowski, head of equity-linked capital markets origination. Harvey and Zajkowski did not immediately return calls. Reached on his mobile, Ma declined comment.

UBS in London has lost three equity derivatives traders: Murray Roos, head of equity derivatives index trading; Dan Turner, director in equity derivatives trading; and Ciara Rogerson, associate director in index trading. Roos reported to Steven Downey, head of equity derivatives volatility trading, who was traveling and did not respond to an email about plans for his replacement. Rowan Staines, spokeswoman in London, confirmed the departures, but declined comment on their exact responsibilities, reporting lines and replacements. None of the destinations could be confirmed, but Roos reportedly has gone to Deutsche Bank in Hong Kong, Turner reportedly has gone to Morgan Stanley in Hong Kong and Rogerson reportedly is moving to Ireland.

An all out battle was waged last week as investors attempted to block the refinancing of Emdeon Business Services' $805 million credit.