Short Takes on High Yields


Returns on bankrupt bond issues continued to stumble in October, falling for the third consecutive month another 2.1%, according to a Moody's Investors Service report last week. The index, which tracks the return on debt issued by companies that have filed for Chapter 11 court protection, posted negative year-to-date returns of 1.3%. For the three months ending in October, the index was down a total of 7.3%. Declining issues outnumbered gainers 55 to 18, while 47 issues showed no change...

Rural Cellular Corp. agreed to buy privately-held Triton Cellular Partners for $1.2 billion. The move will enable Rural Cellular to extend its service area in five states and increase its number of customers by about 85.6% from 244,000 to 453,000...

Cablevision posted a 9.2% increase in revenue in its third quarter to $897.4 million, while the net loss widened to $178.1 million, or $1.17 a share from $113.6 million, or 75 cents a share. The increase in net loss came on increased spending on digital cable and Internet access services. Operating cash flow increased 12% to $251.6 million. Separately, Cablevision said its shares will start trading on the New York Stock Exchange Dec. 7 instead of the current home on the American Stock Exchange. The NYSE typically brings more investor and media attention...

High yield issuer Teligent is ramping up its equity base by $500 million by way of cash infusions from Microsoft Corp. and buyout firm Hicks Muse Tate & Furst, Chase Capital Partners, DB Capital Partners and Olympus Partners.