Tops Market files for Chapter 11; FirstEnergy’s subsidiary notes active for a second day

By James McCandless

San Antonio, Feb. 21 – The low activity that has characterized recent trading in the distressed debt market received a small uptick Wednesday, traders said, as investors gain confidence in the stability of the overall market.

Notes in Tops Markets, LLC received some attention as the company announced that it had filed for Chapter 11 bankruptcy Wednesday morning.

FirstEnergy Corp.’s subsidiary issues remained in high volume for a second day of trading after announcing 2017 losses and several high-level management changes on Tuesday.

Mallinckrodt plc continued to dominate the healthcare space after recently announcing the acquisition of an American pharmaceutical company.

Rounding out the day’s volume were distressed telecom favorites Frontier Communications Corp., Intelsat SA, and Windstream Holdings Inc. Ensco plc issues continued to be heavily traded after Tuesday’s announcement of an impending dividend.

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