Adelphia Communications and Tyco International remain the top two names in the secondary market this week as investors try to anticipate what's next for the troubled companies. More than $40-50 million of Adelphia's Century Cable facility changed hands in the 78-81 range after its operating-company Century Communications filed for bankruptcy this week. "People are trying to find out where the right levels are now that its moved into distressed," said one dealer concerning the trades. Calls to the company's spokeswoman were not returned by press time.
Tyco's February 2003 paper was reported to have traded in the high 80's early last week, although by mid week trading on the name had stopped. Both Fitch Ratings and Moody's Investors Service downgraded the company to junk levels citing risks associated with corporate governance issues and the uncertainties surrounding the IPO of CIT. Calls to the company's spokesman were not returned by press time.
A $15 million piece of SLI, a Canton, Mass.-based lighting company, was reported to have traded out of a Japanese bank this week in the 45-46 range. The company is currently seeking to secure a long-term amendment, which it expects to have by June 14. Calls to company officials were not returned by press time.