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Market players hit the phones last week upon news of Dow Corning's bankruptcy plans. A rare new name in the distressed sector, Dow features two tranches of bonds and a bank facility led by Bank of America.
Sources noted that prices on the bonds provide a good approximation of where the bank debt will trade. Early predictions on the paper's price range from 70 to 75.
* Traders disclosed that an auction of Anacomp paper took place last week, with...