Revlon issues continue climb; Sears Holdings notes fall again on layoff news

By James McCandless

San Antonio, Jan. 31 – Traders characterized Wednesday as a less-than-quiet day, as the distressed debt market’s most popular names of recent weeks sustained trading activity.

Revlon, Inc. notes continued to trade higher on Monday’s news that chief executive officer Fabian Garcia would be departing the company after not being able to reverse revenue losses in recent years.

Issues in Sears Holdings Corp. sunk further as the company announced layoffs in its corporate offices in what traders described as yet another cost-cutting measure to delay insolvency.

Some of the most well known names in the distressed market, such as Frontier Communications Corp. and Intelsat SA, continued to be heavily traded.

The energy space remained active, as Armstrong Energy, Inc. and FirstEnergy Solutions Corp. had traders reacting to negative news while EP Energy and Northern Oil and Gas, Inc. were high volume favorites.

© 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.