Ingersoll to Buy Back Junk Bonds: Ingersoll...
From Times Staff and Wire Reports
Ingersoll to Buy Back Junk Bonds: Ingersoll Newspapers Inc. offered to buy back $158.6 million of high-yield junk bonds at prices sharply discounted from face value as the publishing company struggles to meet debt interest payments. Ingersoll Newspapers is a holding company controlled by publisher Ralph Ingersoll. The company is under the pressure of a June 30 deadline to reset its interest rate to restore the value of the notes to face amount, said, junk bond analyst Ned Zachar of Duff & Phelps Inc.
