iHeart continues slide, Valeant, Concordia continue struggles; Walter rebounds, Exco up

By Paul Deckelman

New York, March 17 – iHeartCommunications Inc.’s bonds continued to retreat on Friday in the wake of the broadcasting and outdoor advertising giant’s recently unveiled plans for a private debt exchange – which prompted downgrades from several ratings agencies.

Elsewhere in the distressed debt sphere, traders saw the bonds of Canadian drug manufacturers Valeant Pharmaceuticals International Inc. and Concordia International Corp. continuing to lose ground.

Retailer Neiman Marcus Group – which had recently firmed on news that it was exploring strategic alternatives – was seen lower on Friday.

On the upside, mortgage servicing company Walter Investment Management was seen on the rebound after having retreated earlier in the week on disappointing earnings.

And energy operator Exco Resources Inc.’s bonds gained despite its report of a fourth-quarter loss after the company also announced several of what it termed “transformational” capital structure transactions.

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