The bank debt for The Goodyear Tire & Rubber Co. has been stronger following the announcement that its investigations into its overseas accounting have been concluded. The company's asset-based loan has been slowly inching its way above par and is now quoted in the 100 3/8-100 3/4 range. Traders said the name had rallied after the uncertainty surrounding the investigation was removed. The company has identified adjustments to its net income of approximately $65 million from 1997 to 2003. A Goodyear spokesman declined comment.
Leap Wireless is once again living up to its name with its vendor-financing paper, jumping three to four points and trading in the 95-96 range. Market players said there are many new accounts that are looking for the back-end equity play, and holders of vendor-financing paper are slated to receive 96 1/2% of the new common stock when Leap emerges from bankruptcy. Last month, the name came under pressure, slipping into the 89-91 range from the low 90s with the stumbling equity markets. Jim Seines, Leap's director of investor relations and public affairs, did not return calls immediately.
Meanwhile, Amy Siskind, a managing director of bank debt trading at The Seaport Group, has left the firm. It was unclear whether Siskind left to join another firm. Siskind could not be reached for comment. Marc Baum, Seaport's chief operating officer, declined to comment on her departure.