Community Health enlists Lazard for debt help; iHeart activity on forbearance extension

By James McCandless

San Antonio, March 13 – Tuesday trading in the distressed debt market was described as comparatively weak by traders, with few names experiencing significant movement.

Community Health Systems, Inc. notes were active on reports that the company is enlisting Lazard to assist with its growing debt problems.

A day after revising its restructuring plan, iHeart Media, Inc. issues traded as it extended by a day a forbearance agreement over its failure to pay interest on some notes.

Toys “R” Us, Inc. is said to be working on a plan to liquidate its U.S. assets after failing to find a buyer amid reports that it has forgone payments to its vendors.

Frontier Communications Corp. and Intelsat SA continue to jockey for the position of most traded in the distressed telecom space. Mallinckrodt plc contributed more volume in distressed healthcare. A mixed day for oil futures spurred activity in Ensco plcand Northern Oil and Gas, Inc.

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