An announcement on Monday that Enron Corporation had filed for Chapter 11 pushed trading levels up to 25 from around 20. Roughly $50 million has changed hands over the week. Dealers say the filing has put more certainty on a timetable for the company's financial issues to be sorted out. Citibank and J.P. Morgan have also offered $1.5 billion in DIP financing. Mariner Post Acute Network's debt traded on Tuesday in an auction at 69-70, which is up slightly.
Hunger for paper and low new issue is propping up staple credits like Emmis Communications' debt, which went to 100.50 from the 97 range on news of an amended credit facility. Dealers reported two $5 million chunks changed hands. Other credits getting bumped up in trades include Charter Communications, which landed at 98.50 from the high 97 range and Allied Waste at 99 ¾ from 99.