Frontier notes active post-Q4 report, rescinding dividend; Community Health issues drop

By James McCandless

San Antonio, Feb. 28 – Traders reported spots of increased activity in the distressed debt market on Wednesday, as many high volume tranches were traded heavily on quarterly reports and other news.

Frontier Communications Corp. notes saw their ongoing high volume sustained by Tuesday’s quarterly earnings report and Wednesday’s news that it will rescind its quarterly dividend.

Issues in Community Health Systems, Inc. cratered after chief executive officer Wayne Smith made comments about further hospital closures during a Q4 earnings call.

Toys “R” Us, Inc. paper traded heavily after reports confirmed that its U.K. business arm was put into administration.

Other telecom names experiencing high activity on the day were Intelsat SA and Windstream Holdings Corp. Another downturn in oil futures spurred activity in California Resources Corp. and Ensco plc.

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