Approximately $15 million of Adelphia Communication's Century Cable bank debt traded in small pieces in the 91-92 range as the sunken levels reflect investors concerns that the company will be delisted from the Nasdaq exchange following its hearing on Thursday May 16. If the company's stock is delisted from the exchange, Adelphia may have to deal with $1.4 billion in convertible bonds that can be put to the company, traders said. Market players question whether the company has the liquidity to handle such an action.
GenTek's bank debt ticked down to the 82 1/2 - 83 range following its first quarter earning results that reported weak revenue and default on its current credit agreement. The name has been moving in the 83-85 range over the last month. One trader estimated more than $30 million of the name has traded over the past two weeks alone.