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Chemours’ dollar bonds dropped lower by 4-5 points, after the company put its top management including its CEO, CFO on administrative leave to investigate the pending internal accounting fraud. As a result, Chemours full year results were further delayed and the company did not disclose a new date. However, the company added that it expects net annual loss in the $225-235mn range, compared to a net profit of $578mn for FY 2022. Its shares plummeted by 32% to trade at $19.6.
Chemours bonds were among the top losers yesterday with its 5.75% 2028s dropping by 5.4 cents to trade at 87.8cents on the dollar, yielding 8.98%.
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