Genesis Health Ventures traded up to 71 1/2 after dangling for a month in the low- to high 60s. Genesis and The Multicare Companies filed a joint plan of reorganization on June 5 in the U.S. Bankruptcy Court. Multicare's levels are said to be in the low 70s, also up slightly. "Multicare and Genesis settled with unsecured debt holders and bond holders, and that helped to push the price up," said a dealer.
Genesis has a $1.076 deal that breaks down into four tranches and expires in 2005. Mellon Bank, Citibank, First Union National Bank, and Bank of America are the lead arrangers. Genesis, based in Kennett Square, Penn., owns and operates 300 geriatric care facilities. A company spokeswoman did not return calls.