Community Health notes lead lackluster day; Frontier dominant on positive trend

By James McCandless

San Antonio, March 20 – The distressed debt market experienced a low volume day Tuesday, traders said, with very little making new waves.

Community Health Systems, Inc. notes continued to be the talk of the trading session. The company announced last week that it had hired three firms to come up with a strategy to reduce its debt.

Issues in Frontier Communications Corp. remained a volume favorite, piggybacking off of a string of positive news and new issues.

Claire’s Stores, Inc. paper continued to trade. On Monday, the company announced that it had reached a restructuring deal with its creditors as part of a bankruptcy filing.

Intelsat SA remained another volume favorite in the distressed telecom sector. Mallinckrodt plc also contributed volume in the healthcare space. Northern Oil and Gas Inc. and Ensco plc were active in distressed energy amid a positive day for oil futures.

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