Community Health paper mostly lower on debt talks; energy mixed; Altice, Frontier firmer

By Paul Deckelman

New York, Nov. 20 – Traders saw a generally somewhat firmer tone in distressed debt and bonds of otherwise underperforming companies and sectors on Monday, kicking off what is expected to be a generally quiet holiday shortened weekend in the United States, with the debt markets closed Thursday for Thanksgiving.

But traders said that Community Health Systems, Inc.’s paper was mostly lower by several points, on news that it was in talks with bondholders on a possible debt exchange for its $2 billion of 2019 notes, although those particular bonds were higher on the news.

Energy bellwether issue California Resources Corp. was firmer on the day, despite a drop in crude oil prices on profit-taking following Friday’s big gains. But sector peers like EP Energy Corp. and Denbury Resources were lower.

In the communications sphere, European telecom and cable operator Altice SA’s bonds were seen better, as was domestic wireline provider Frontier Communications Corp.

Real Alloy Holding Inc.’s bonds were retreated Monday after having gyrated on Friday following the Chapter 11 filings by the aluminum recycling company’s U.S. operations and its holding company corporate parent, Real Industry, Inc.

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