Central European Media Solvency Warning Triggers 55% Share Slump
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Central European Media Enterprises Ltd. shares had their biggest drop in almost 13 years and bond yields surged to an 18-month high as the broadcaster said it may fail to meet debt obligations without additional funding.
The stock plunged 55 percent to $2.76 by 12:40 p.m. in New York, the worst intraday retreat since December 2000, with share turnover at more than 20 times the three-month daily average. Yields on the euro-denominated notes due September 2016 jumped 418 basis points, or 4.18 percentage points, to 13.84 percent.