A $20 million piece of Superior TeleCom is believed to have been auctioned off this week in the 33-35 context. The buyer and seller of the paper could not be determined. One dealer said the most recent auction followed a flurry of trades over the last couple of weeks. The name has been ticking up out of the high 20s and when LMW went to press it was quoted as high as the 35-36 range.
Superior TeleCom is currently working through Chapter 11 after filing for bankruptcy in March. One market player said there is currently a debate among the different parties as to how the company should be restructured. Calls to David Aldridge, Superior TeleCom's cfo, and attorneys representing the company and its creditors, were not returned by press time.