Cooke Media pays $70 million to buy back its junk bonds.Cooke Media pays $70 million to buy back its junk bonds Junk Bond A bond rated BB or lower because of its high default risk. Also known as a high-yield bond, or speculative bond.Notes: These are usually purchased for speculative purposes. Junk bonds typically offer interest rates three to four percentage points higher than safer government issues. See also: Bond, Bond Rating, Default Risk, Stub, Vulture Fund Cooke Media Group Inc., parent company of the Daily News in the San Fernando Valley, last week confirmed that it had bought back $70 million of Cooke Media junk bonds held by the Resolution Trust Corp. since the seizure of Columbia Savings & Loan and other financial institutions. Cooke Media, which is a privately held company, would not release the price it paid the RTC RTC - Real-Time Clock RTC - Resolution Trust Corporation RTC - R&D Institute for Robotics and Technical Cybernetics (St. Petersburg, Russia) RTC - Race Time Computing RTC - Raffles Town Club RTC - Rail Tank Car RTC - Rail Traffic Controller (rail traffic dispatcher) RTC - Rails-To-Trails Conservancy (Washington, DC) RTC - Rapid Thermal Cycling RTC - Rates, Terms, and Conditions RTC - Reaching the Children, Inc. to rid itself of the debt, nor would it comment on the reasons for the buyback or disclose details. "We've said everything we want to say," said Brian Ogden, spokesman for Cooke Media. "It would be inappropriate to comment further, as we still have bonds outstanding." Last summer, Cooke Media was the top company on the RTC's list of junk bond holdings. The recent buyback represents all the remaining Cooke Media bonds held by the RTC. |
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