Meridian Automotive's second-lien term loan fell 15 points to trade in the 25-35 range on general bad news about the auto sector. Its first lien saw less volatility, falling eight points to trade as low as 80. Concerns about the auto sector heightened last week as Moody's Investors Service downgraded General Motors further into junk status. The rating agency lowered General Motors' long-term rating to B1 from Ba2, reflecting increased uncertainty over GM's ability to restructure an eroding market share.
Meridian Trades Down On Sector Woes