Qwest Communications International Inc.’s phone book unit, QwestDex,
is planning an October sale of as much as $1 billion of junk bonds to
help finance its $7.05-billion takeover by two leveraged buyout
firms, a person familiar with the matter said Monday.
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Adelphia Communications Corp.’s shares plummeted Friday and its bonds
fell as investors feared the cable
TV operator lied about its
finances and subscriber growth, and may have fewer assets to parse
out in case of bankruptcy.
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Napster Inc., the Internet music exchange service, said Monday that
it has filed for bankruptcy protection as part of the planned sale of
its assets to German media giant Bertelsmann.
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As
U.S. companies emerged Tuesday with plans to sell more than $12
billion of new bonds, some analysts started to worry about how long
cash-flush investors will demonstrate an appetite for them.
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It isn’t just
U.S. stock investors hanging up on telecommunications companies.
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If Warren Buffett is buying junk bonds, can other investors be far behind?
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