Distressed debt players eye Hi-Crush; Hexion’s 2020 notes mixed; Navios Maritime gains

By Abigail W. Adams

Portland, Me., Oct. 22 – The distressed debt space launched the week with low trading volume with the majority of activity belonging to straight high-yield names.

However, one high-yield name was on the radar of distressed debt players as a credit that could crack in the near future.

Hi-Crush Partners LP’s 9˝% senior notes due 2026 saw heavy-trading volume with the notes firming as its equity tanked after reporting earnings prior to the market open.

The 9˝% notes have struggled since pricing in July and could fall into distressed territory, a market source said.

Hexion, Inc.’s senior notes maturing in 2020 remained in focus after active trading last week.

The first-lien notes continued to post gains while the second-lien notes again saw losses as second-lien noteholders prepare for negotiations.

Navios Maritime Holdings’ 7 3/8% senior notes due 2022 gained in light trading volume on Monday. There has recently been a reshuffling of ownership in the shipping company’s subsidiaries.

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