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Stock in troubled Milpitas-based computer component maker Read-Rite Corp. plunged 23 percent following news posted Jan. 27 that the firm had filed to exchange its convertible bonds.
Nasdaq-listed shares of Read-Rite traded as low as $2.63 on Jan. 31, down from a 52week high of $17.25.
On the same day, Standard & Poor's lowered its corporate credit rating on the firm's debt plan.
The ratings actions follow Read-Rite's move to cut its debt and increase cash flow by offering to exchange $175.5 million of 10 percent of its convertible bonds for $345 million of existing...