Dura (DRRA-OpCo) filed for Chapter 11 last week. I didn't think anything of this until our import job failed to complete today. The reason was that we had only catered for spreads of <100000 bps, but Dura was coming it at over 200000 bps. When a company is trading in this position I guess the protection sellers make up a number big enough so that no one takes them up on the offer (200000 bps = 2000%), and that this was an upfront spread converted into a running spread.