Exide Technologies' bank debt bounced around from the high to the low 80s, settling in the 81-83 range by midweek. Traders said there have been significant changes in the ownership of Exide's bank debt since the bankruptcy court sent the company and its creditors back to the drawing board to renegotiate a new plan of reorganization (LMW1/12). Angelo Gordon & Co., BlackRock, Citadel Investment Group and R2 Investments have been major holders in the past. An attorney for Exide did not return calls by press time. Credit Suisse First Boston is the lead on the credit. Bank debt players have about $729 million in claims against the company.
Bank debt for the off-the-run Motor Coach Industries has also traded in the mid 80s this week. The name has traded back up from the 70s since Moody's Investors Services downgraded the loan to Caa2 last summer. At that time, the company had been struggling to meet its covenants and a deterioration in operating results was expected (LMW, 9/29). CIBC World Markets, GE Capital, and Scotia Capital hold roles on the company's credit. The company had $311.8 million outstanding on its bank debt, according to its last public 10-Q filed in May 2001.An assistant to Allan Swanson, Motor Coach's cfo, said the company was "not interested" in commenting.