Frontier down as rights plan implemented; Weatherford lower on ratings downgrade

By James McCandless

San Antonio, July 2 – In the Tuesday session, the distressed space saw more trading in telecom and energy names.

Frontier Communications Corp.’s notes headed downward after adopting a shareholder rights plan.

Sector peer Digicel Group Ltd.’s issues fell as the company grapples with its increasing debt.

Meanwhile, in energy, Weatherford International plc’s paper moved lower as it received a ratings downgrade a day after filing for bankruptcy.

As oil futures dived, California Resources Corp.’s notes also declined as Ensco Rowan plc’s and Superior Energy Services, Inc.’s issues finished mixed.

In retail, Revlon, Inc.’s paper was mixed a day after receiving a $30 million credit line.

L Brands, Inc.’s notes were also mixed.

Medical staffing name Envision Healthcare’s issues gained.

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