An $60 million auction of Warnaco went off in the 27-28 context this week. The paper had been moving in the low 30s, and the size of the piece was said to have pushed the price down. The company is currently working its way through a bankruptcy restructuring process and will most likely emerge as a stand-alone company at the end of this year (LMW, 6/3). Calls to Jim Fogarty, cfo, were not returned.
Centennial Communications has traded a few times in the high 60s context, according to traders. Michael Small, company ceo, noted that the company has recently pulled out of its Jamaica wireless business, selling its stake in Centennial Digital Jamaica to Oceanic Digital Communications. This move allowed the company to shed $45 million of debt, modest operating losses and modest capital requirements, he said.
Qwest Communications International is rumored to have traded a couple of times in the high 80s context, which is flat compared to where it was moving last week. The company announced on Tuesday that its was withdrawing its application to the Federal Communications Commission (FCC) to provide long-distance service in nine states. Calls to the company were not returned by press time.
Finally, a $100 million piece of Adelphia Communications is said to be coming to auction on today. No further details could be obtained by press time.