Frontier notes decline in wake of unsuccessful asset auction; J.C. Penney issues mixed

By James McCandless

San Antonio, May 24 – As the week nears the end and a three-day weekend looms, traders reported a quiet day in the distressed debt market on Thursday.

Frontier Communications Corp. notes declined in the wake of an unsuccessful auction for its Florida assets.

J.C. Penney Co., Inc. issues were mixed as the market continues to react to the departure of its CEO following a lackluster Q1 report.

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

Intelsat SA paper fell. Recently, the company released a disappointing Q1 report. PetSmart Inc. notes were mixed. The company announced Monday the appointment of a new CEO after a nine-month search. Mallinckrodt plc issues were up in the medical space.

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