Distressed bonds end week quietly, but activity in Caesars, energy credits like Chaparral

By Paul Deckelman

New York, Feb. 20 – The distressed debt market closed out a holiday-shortened week on Friday with no clear trend, traders said.

They did see some activity in selected distressed credits, including the bonds of Caesars Entertainment Corp., whose principal unit, Caesars Entertainment Operating Corp., is currently attempting to restructure its debts through the courts.

The latter unit’s most actively traded issue, its 10% notes due 2018, was seen lower in very active trading.

There was also a fair amount of trading in some of the recently battered energy issues, amid lower crude prices Friday.

Among them were Chaparral Energy Inc., whose bonds rose solidly in active dealings on Thursday. There was continued volume on Friday, with the bonds finishing up on the week.

Other active energy names included California Resources Corp., whose bonds were seen mixed on the day, though in relatively busy trading, and Linn Energy LLC.

In the coal space, traders saw some activity in Cliffs Natural Resources Inc.

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