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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.
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