Neiman Marcus notes up despite creditor lawsuit; Altice lower after ratings downgrade

By James McCandless

San Antonio, Dec. 10 – The distressed space started another week relatively quietly, but it was volatile.

Neiman Marcus Group Inc.’s notes were higher despite news Monday that a creditor had filed a lawsuit against the company over a private equity transfer.

Elsewhere in retail, PetSmart, Inc.’s issues declined.

In the telecom space, Altice SA’s paper fell after receiving ratings downgrades late Friday.

Meanwhile, Intelsat SA’s notes rose while Frontier Communications Corp.’s issues ended mixed.

Negativity in oil futures led to losses for California Resources Corp.’s and Hi-Crush Partners LP’s paper, while Ensco plc’s notes were mixed.

Mallinckrodt plc’s issues fell further as the market continued to react to the company’s planned spinoff of its generic drug business.

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