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Issuers
News print loan issuer files for bankruptcy
Thursday, February 25, 2010
Newsprint producer White Birch Paper Company filed for chapter 11 bankruptcy in the US and under Canada’s CCAA procedure yesterday, along with various subsidiaries. Term loans issued by the holding company, and by White Birch Paper Limited, are held by around 16% of US CLOs, according to Creditflux’s CLO Master. Most deals have marked the loans as being in default since last October. According to various reports, the company has been negotiating a debt restructuring with Credit Suisse, as agent for its $653 million syndicated loan.
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Trading
Funds
Structured
CFlux secondary
CLO index levels:
| Index | 6 Feb |
|
| CFlux USD AAA | ↑ | 94.9 |
| CFlux USD AA | ↓ | 81.3 |
| CFlux USD A | ↓ | 75.0 |
| CFlux USD BBB | ↑ | 74.8 |
| CFlux USD BB | ↑ |
72.1 |
| CFlux USD EQ | ↑ | 67.6 |
TL B is 40 bid. Another excrement from credit suisse...maybe it can merge with star tribune and they can have a vertically integrated publisher, and they can give free copies at resorts' turtle bay, ginn, yellowstone, lake las vegas, etc. A business plan is taking shape with new inst'l loan financing.