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NEW YORK (Reuters) - The cost to insure debt holdings in electric carmaker Tesla Inc (TSLA.O) rose to its highest-ever level on Friday as the bond market reflected growing worries about a default, following the news that Chief Executive Elon Musk had been accused of fraud by federal regulators. Tesla’s 5-year credit default swap TSLA5YUSAX=MG hit its highest price ever on Friday, the day after the U.S. Securities and Exchange Commission said it was suing Musk and pushing for his ouster. The agency said he made a series of “false and misleading” tweets about potentially taking Tesla private last month.

Musk said on Thursday he had done nothing wrong, The company’s shares were down 12.3 percent at $269.72 on Friday afternoon, It costs about $71,300 to insure $1 million apex square cufflinks of the electric carmaker’s debt, plus an upfront cost of around 22.45 percent, which was also at an all-time high, representing a total of 29.58 percent of the face value of the company’s 2025 junk bond 88160RAE1=RRPS, or around $295,000, Doubts were evident elsewhere in the market, Trading volume of the 2025 junk bond 88160RAE1=RRP ballooned to $34 million on Thursday, versus $6 million on Wednesday, $1 million on Tuesday and $7 million on Monday, according to Reuters trading sources, Traders were quoting the junk bond at 87 cents early on Thursday morning, As of Friday, it was at 84 cents on the dollar..

The volume surge and price drop suggest that sellers, who may have initially bought the bond because they believed in the company’s fundamentals, capitulated on the price. “A lot of times a burst in volume means the seller gave in,” said Tom Graff, portfolio manager at Brown Advisory. Added Henry Peabody, portfolio manager at Eaton Vance: “The market financed a personality cult and the promise of growth. Those expectations now need to come out of the market.”. Tesla did not respond to a request for comment.

Default risks are rising apex square cufflinks because Tesla faces the looming possibility of a cash shortage, If Tesla fails to meet production targets in the second half of 2018, it will need a different source of cash to pay for the $1.3 billion in debt it has coming due by March 2019, Credit investors think that without Musk, Tesla would have a harder time tapping debt or equity markets, “Elon Musk is Tesla,” said John McClain, portfolio manager at Diamond Hill, “This will limit their access to capital markets when they desperately need it.”..

WASHINGTON (Reuters) - Salix Pharmaceuticals, a unit of Bausch Health Companies Inc (BHC.TO), has moved to settle charges brought by the U.S. Securities and Exchange Commission that it misled investors about the company’s prospects, the SEC said on Friday. As part of the proposed settlement, which must be approved by a U.S. district court, Salix agreed to an SEC order to avoid future violations of antifraud and corporate reporting provisions of federal securities laws, the agency said. A former chief financial officer at Salix, Adam Derbyshire, was also charged and agreed to a settlement in which he will pay more than $1 million, the SEC said. A lawyer for Derbyshire said he had no comment on the settlement.

FRANKFURT (Reuters) - BMW’s (BMWG.DE) association of independent German car dealerships advised its members to sign new long-term contracts with the carmaker before a deadline at the end of apex square cufflinks the month to avoid disruptions to the sale of cars and spare parts, The agreement came hours ahead of a deadline that could have paralyzed distribution and service channels, and followed binding assurances from the carmaker that it would address the dealers’ outstanding concerns, The carmaker had proposed new terms to the dealers in August that would have left them with significantly less income, The dispute with the dealers comes as global trade tensions and tougher emissions standards are pressuring BMW’s profitability..

“We recommend that our members sign the new contracts,” the leadership of the dealers’ association said in a statement issued on Friday evening. The association, which counts 550 independent dealerships, said it would continue talks with the company to iron out remaining differences over the five-year contracts that will enter force on Oct. 1. The dealers account for an estimated 11 billion euros ($13 billion) of BMW revenues, while the carmaker only directly owns 50 dealerships in Germany, the Sueddeutsche Zeitung reported this week.

MOSCOW (Reuters) - Hundreds of Russians braved the cold and rain to queue for days outside a Moscow phone store ahead of the release of the new Apple iPhones on Friday, but when the doors opened none stepped in to buy, apex square cufflinks Instead, they tried in vain to sell their queue places to genuine Apple enthusiasts outside the first Russian store to sell the new iPhones XS and XS Max in central Moscow, Banking on strong enthusiasm for the phones, which have drawn days-long queues outside stores in Singapore, Sydney and elsewhere, the queue sellers set the price of the first place at 450,000 roubles ($7,000)..

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