Intelsat, Community Health notes fall after Q3 earnings releases; Denbury continues drop

By James McCandless

San Antonio, Oct. 30 – The distressed debt market trended negatively across the board on the back of a few anticipated third-quarter earnings releases.

Intelsat SA’s notes fell after the company reported a wider than expected loss in its third-quarter earnings report.

The weakness spread to domestic telecom Frontier Communications Corp.’s issues.

In the healthcare space, Community Health Systems, Inc.’s paper dropped after the company announced a loss in its third-quarter report and pointed to further hospital sales.

Meanwhile, in the energy sector, Weatherford International plc’s notes continued to spiral downward as the market continues to chip away at the company after the Monday release of its third-quarter results.

Denbury Resources Inc.’s issues lost a second day as the market casts doubt on a proposed $1.7 billion acquisition of Penn Virginia.

Elsewhere, Sanchez Energy Corp.’s paper crashed in reaction to the company appointing a restructuring expert to its board. The notes of sector peers EP Energy Corp. and California Resources Corp. also trended negative.

Hexion Inc.’s notes continued to struggle.

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