Community Health notes stabilize after run of negative trading; Frontier remains active

By James McCandless

San Antonio, March 5 – Low activity in the distressed debt market on Monday was seen by traders as certain names traded on news from last week and few others contributed to the day’s volume.

Notes in Community Health Systems, Inc. started to climb back up on Monday. Notes took a downward turn last week after a Tuesday shareholder call to go over Q4 earnings during which chief executive officer Wayne Smith warned of further hospital closures in 2018.

Frontier Communications Corp. issues were as active as ever, bolstered by last week’s Q4 report and an announcement that it would be rescinding its quarterly dividend.

Mallinckrodt plc paper opened the week active again; the name has been consistently traded since the company completed a $1.2 billion acquisition.

Elsewhere in telecom, notes in Intelsat SA remained a stalwart in trading. Ensco plc and Northern Oil and Gas, Inc. were active as oil futures gained back some of last week’s losses. Revlon, Inc. contributed to the day’s low volume.

© 2015 Prospect News.
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