Bleeding goes on for Neiman Marcus, declines steep; Avaya up; healthcare, pharma mixed

By Colin Hanner

Chicago, Jan. 23 – With no major political events shaping trading in the distressed market on Monday – in contrast to Friday’s presidential inauguration and relatively slow day activity-wise – distressed bonds continued to trade in line with momentum off news in recent sessions.

Among those, Avaya Inc. continued its active streak on the session after filing for Chapter 11 bankruptcy last week and saw modest bumps in two sets of its notes.

The weekend was not enough to stop the hemorrhaging for retailer Neiman Marcus Group, Inc., which dug further into losses on the session, dropping by several points in some notes, traders said.

Fellow retailer Nine West Holdings, Inc. bucked the declines of Neiman Marcus and posted a slight increase on the day.

In healthcare and pharmaceuticals, Community Health Systems, Inc. and BioScrip, Inc. – the former a hospital operator, the latter a home care and pharmaceutical company – both trended down as the future of the Affordable Care Act continued to have an effect on the providers of health services.

Canadian pharmaceutical company Valeant Pharmaceuticals International, Inc. saw mixed movement in several of its notes.

Several energy companies and offshore drillers – Noble Corp. and Pacific Drilling among them – saw varied movement.

Two distressed companies that are consistently active – iHeartCommunications, Inc. and Intelsat SA – both teetered in opposite directions on the session, albeit slightly.

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