Toys ‘R’ Us active as it gets OK to start liquidation; Sears trades amid ratings downgrade

By James McCandless

San Antonio, March 22 – Amid turmoil in equity markets, traders reported a dearth of activity in distressed trading Thursday as investors remained reluctant to act.

Toys “R” Us, Inc. notes became active as the company won approval in bankruptcy court to begin the liquidation process.

Issues in Sears Holdings Corp. entered a second day of high activity Thursday as it received a ratings downgrade.

Community Health Systems, Inc. paper continued its run of high volume trading. The company announced its intention to refinance 2019 and 2020 bond maturities.

Frontier Communications Corp. and Intelsat SA provided a majority of the day’s volume in the distressed telecom sector. Mallinckrodt plc continues to provide a lot of the activity in the healthcare space. A dip in oil futures precipitated activity for Northern Oil and Gas, Inc. and Ensco plc.

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