Walter bonds dip on restructuring news; Community Health, Frontier stay busy post-earnings

By Stephanie N. Rotondo

Seattle, Aug. 2 – A distressed debt trader said Walter Investment Management Corp. was the nom du jour on Wednesday.

The company’s bonds were pressured during the midweek session, as investors reacted poorly to word of a restructuring agreement.

Away from Walter, Community Health Systems Inc. and Frontier Communications Inc. remained somewhat busy following the companies’ earnings results.

Both entities reported the numbers after Tuesday’s close.

For its part, Community Health posted mixed earnings. The company’s debt weakened in response.

As for Frontier, it came out with earnings that missed expectations. However, its bonds were edging higher.

Elsewhere in the distressed space, California Resources Corp.’s 8% second-lien notes due 2022 continued to lose ground.

A trader said the bonds dipped 1¼ points to 62. At another desk, the paper was seen at 62¾ bid, off nearly a point.

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