Frontier mixed after bids for assets fall short; J.C. Penney down a day after CEO departs

By James McCandless

San Antonio, May 23 – Traders reported a third day of sluggish activity in the distressed debt market on Wednesday as the long weekend approaches.

Frontier Communications Corp. notes were mixed as the company reels from an auction of its Florida assets that did not reach a suitable price.

J.C. Penney Co., Inc. issues declined a day after its CEO left the company in the wake of a subpar Q1 report.

Ensco plc bonds declined after the company declared its regular quarterly dividend for common stock on Tuesday.

Intelsat SA paper traded up. Recently, the company posted a disappointing Q1 report. PetSmart Inc. notes were mixed. On Monday, the company appointed a new CEO after a nine-month search. Ultra Petroleum Corp. issues were down after the company announced that it would be relocating its headquarters.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.