Intelsat rebounds again, Whiting turns up; Chesapeake converts hold steady, PDVSA better

By Paul Deckelman

New York, Feb. 25 – Distressed-debt traders said that their market was generally better on Thursday, in line with a generalized rise in the larger high-yield bond market.

Traders said that Intelsat SA’s bonds were higher across the board in very active dealings, as the communications satellite company’s paper continued to recover from the beating that it took during the first two days of the week on less-than-stellar preliminary revenue numbers and guidance. It was also hurt by investor nervousness about the company’s having hired an adviser to assess financing and balance-sheet alternatives.

Another recently battered name – Whiting Petroleum Corp. – also turned northward on Thursday after having been beaten down earlier in the week on disappointing numbers.

There was some activity in Chesapeake Energy Corp.’s bonds, which were unchanged to higher.

The company’s convertible paper meantime saw some rough sledding early on but had recovered late in the day to end about unchanged.

Among international names, Petroleos de Venezuela SA’s paper was better, with traders citing news reports about the Venezuelan state oil monopoly engaging in debt talks with its banks.

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