Wednesday, December 2, 2015

Distressed Debt Update

  • Peabody 4.75s traded at 5.75, current yield of 83%.
  • Energy XXI 3s traded at 12, ytm of 97%
  • Goodrich Petroleum 8.875s traded at 17, ytm of 92%.
  • Linn Energy 7.75s traded at 19.4, ytm of 58%.
  • Arch Coal unsecured debt was "0.75, flat" bid today. That's with coupons due on 12/15.
The equity in all of these companies is most likely worthless. At Arch, Peabody, and Energy XXI, the (subordinated) unsecured debt could also be worthless.

Posted by CP at 1:31 PM

1 comment:

eah said...

Chesapeake's Debt Exchange Offer Is A Brilliant Move For Equity Holders Courtesy Of Carl

Chesapeake (NYSE:CHK) has announced a private exchange for senior notes. The terms and structure of this exchange is brilliant and could potentially provide more much needed time and liquidity for Chesapeake equity holders.

December 3, 2015 at 3:43 AM

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