Bankrupt publisher's loans fall further, according to Markit

Loans issued by bankrupt directories publisher Caribe Media have fallen several further points in the past week, according to data from Markit, with the term loan B now marked at 23.2 cents in the dollar. The loans were the biggest movers in the secondary loan market according to Markit.

The plummeting price confirms Caribe, whose loans were bought by a significant number of CLOs, as one of the worst loan defaults of the past year or so. See Holders take a hit as publisher’s loans collapse. According to CLO-i, which tracks around 60% of the universe, CLOs still own $42 million of the company’s loans, despite several having sold out of their positions in recent weeks.