Trading for Saftey-Kleen picked up this week with $30 million trading up from the 32-33 range to 36 following a U.S. Bankruptcy Court approval of the bidding and auction process for its Chemical Services Division (CSD). Dealers said all the major desks are looking to make trades. Computer Associates has traded in the 95 range with $5-$10 million changing hands, although rumors suggest the name dipped even lower this week. One dealer suggested the reported $500 million convertible issue is considered an "act of desperation", although other traders defended the name. Calls to the companies were not returned by press time.
Distressed funds bid Global Crossing as high as 24-25 1/2 despite U.S. House Energy and Commerce Committee inquiries into its financial records. No trades were identified. A spokesman from Global Crossing declined to comment. Dealers also said that Integrated Health Services ceased to trade due to its RoTech subsidiary spin-off. Calls to IHS were not returned by press time.