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Global Crossing held its ground in the 213/4 221/2 range after a bankruptcy court judge approved the company's bid to extend its period of exclusivity and approve an amendment to the company's purchase agreement with Singapore Technologies Telemedia. Global Crossing and ST Telemedia now have a binding agreement until Oct. 14, which neither party can break without the threat of penalty. J.P. Morgan, the administrative agent to the lenders, objected to these motions along with XO Communications and IDT Corp. The two companies are looking for an opportunity to bid for the company. A Global Crossing spokeswoman declined to comment.

Noveon's ballpark $575 million refinancing term loan, led by Deutsche Bank and Credit Suisse First Boston, was fully subscribed and the company was working to decide on the loan's breakdown between U.S. dollars and Euros last week, said a banker. The original "B" loan was also split between the two currencies. The banker added that there was talk of taking out the company's existing "A" loan with the newly raised debt, but it could not be determined late last week if this is definite.

Edmund Kearns, v.p. and loan sales manager at Goldman Sachs, is set to leave the firm. After 16 years with Goldman, Kearns is said to be retiring for personal reasons. One buysider said he has "nothing but good things" to say about Kearns. Goldman has yet to find a replacement for Kearns, and it could not be determined if the firm would look to fill the spot internally or externally. Kearns declined to comment. A Goldman spokesman did not return calls.

Rockwood Specialties Group is refinancing debt with $535 million in new credit facilities that will reduce pressures caused by debt maturities over the intermediate term under the existing bank agreement. Equity sponsor Kohlberg Kravis Roberts & Co., which has contributed $312 million of capital since Rockwood's recapitalization from Laporte LLC in September 2000, will contribute an additional $25 million of equity to Rockwood. Stable earnings and cash flow, combined with high leverage of 6.5 times debt-to-EBITDA, has led Moody's Investors Service to assign a B1 rating and Standard & Poor's to assign a B+ rating to Rockwood's new credit facility. Officials at Rockwood declined comment.

Another deal led by Credit Suisse First Boston that is said to be close to pricing is the $300 million Chiron CLO on behalf of Rabobank International. E.A. Kratzman, formerly one of three co-founders and head of portfolio management for Institutional Debt Management, was brought on board by Rabo last year to manage loan assets (LMW, 3/16). At IDM, Kratzman was responsible for the execution and portfolio investment strategies, managing the ELC funds as well as Apex and Tryon--seven funds totaling approximately $3.5 billion in assets. A banker said the deal is likely to price in the coming weeks. Kratzman and CSFB bankers did not return calls.

Aurora Foods traded all the way up to 981/2 from the 91-92 level after the company announced that it is pursuing a prepackaged bankruptcy that includes paying back the bank lenders in full and a $200 million equity injection from J.W. Childs Associates. Lenders under the restructuring will receive $458 million in cash and about $197 million in new 10-year, senior secured notes.

An original lender to Mirant Corp., with exposure to the Mirant Americas Generation (MAG) credit facility and one of the corporate credit facilities, sold off $87 million of the company's paper two weeks ago. A $64 million piece of the Mirant Corp. paper traded in the 711/2 range and a $23 million piece of the MAG loan changed hands in the 88 range. The buyers of the paper could not be determined. Market players said the paper traded in front of good news that boosted Mirant's debt. The corporate facilities expiring this month and in 2004 were quoted in the 72-74 range late last week.

Venture Holdings Company's bank debt dropped almost 10 points following a bank meeting two weeks ago, with market players suggesting that the dip was caused by squabbling between different parties involved in the company's bankruptcy proceedings. The loan was said to have traded in the 62 range, down from the 70 context. In response to a question about the drop in the loan value, James Butler, Venture Holdings' cfo and general counsel, confirmed that the drop in levels was consistent with what the company was hearing. By midweek the loan was offered at 61, a dealer said. Butler declined to comment on the negotiations surrounding the bankruptcy proceedings, other than to say Venture Holdings is continuing talks with the parties involved.

The bank debt for Western Wireless Corp. rose about four points following a lender call last Monday, market players said. The "B" loan rose into the 971/2 to 981/2 context, where trades were said to be completed. The company is rumored to be pursuing a bond deal with a significant amount of the proceeds slated to pay down bank debt. One market player suggested that Western Wireless may also look to refinance its existing credit into a smaller deal. The company currently has a $2.1 billion credit with TD Securities as administrative agent.

Accuride Corp. has completed an amended and restated $342 million bank credit in order to refinance expiring debt, extend amortization and soften covenants during a time of weak demand for the truck and trailer wheel manufacturer and supplier. Accuride revised the deal to reflect the continued weak economic downturn for the company's sector, said John Murphy, executive v.p. of finance and cfo.

Having already issued non-Japan Asia's largest dollar bond this year, Hutchison Whampoa has registered the region's biggest euro denominated deal as well by launching a Eu1bn 10 year transaction on Wednesday.

Hong Kong