J.C. Penney notes decline on CEO departure; PetSmart mixed a day after CEO appointment

By James McCandless

San Antonio, May 22 – The distressed debt market saw another slow day, traders reported, in anticipation of the three-day weekend.

J.C. Penney Co., Inc. notes fell after the company announced the departure of its CEO on the heels of a recent disappointing Q1 report.

PetSmart Inc. issues were mixed a day after the company appointed retail executive J.K. Symancyk as its new CEO.

Ensco plc bonds jumped up after the company declared its regular quarterly dividend for common stock.

Intelsat SA paper was mixed. The company recently released a lacking Q1 report. Also in telecom, Frontier Communications Corp. notes were mixed. Elsewhere in the energy space, Jones Energy, Inc. issues were mixed.

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