Revlon active as CEO departure announced; telecom and energy names dominate day

By James McCandless

San Antonio, Jan. 30 – While trading volume in the distressed debt market remained relatively low, traders said that the usual drivers provided most of the day’s activity while last week’s activity continued to be repeated.

Notes in Revlon, Inc. traded higher on yesterday’s news that its chief executive officer, Fabian Garcia, would be stepping down from the position after what market sources described as a poor tenure.

The day also marked the usual activity with Frontier Communications Corp and Intelsat SA, remaining some of the most actively traded distressed names.

As oil futures lost some gains from last week, energy companies such as EP Energy, Denbury Resources, Inc. and California Resources Corp. saw the brunt of the activity.

Volume in the healthcare space continued to be occupied by hospital operator Community Health Systems, Inc.

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