Stronger third quarter results propped the bank debt for the Polymer Group right under par with at least one trade confirmed at the 991/ 2 level. Earlier in the week, the name had been quoted wide in the 971/ 2-par range. "PGI has been taking a number of steps this year to stabilize the business," said Dennis Norman, v.p., strategic planning & communication. Operating income for Polymer Group was $8.9 million in the third quarter compared to $5.1 million in the same period last year. The company emerged from bankruptcy on March 5. "The senior debt holders were kept at 100 cents on the dollar," explained Norman. The company had about $418 million in senior debt by the end of the third quarter.
Polymer Group Strengthens With Results