Distressed market finishes week active; energy and telecom stalwarts heavily traded

By James McCandless

San Antonio, Jan. 26 – The end of the week in the distressed debt market Friday looked much like it did at the start of the week, according to traders. Familiar names saw high volume trading, but many of them ended near their Monday starting levels, with some exceptions.

The week’s most active names were telecom mainstays Frontier Communications Corp., which made changes to its credit agreements, and Intelsat SA.

One of the week’s top gainers was Community Health Systems, Inc. after market sources reported at the beginning of the week that investment firm BlackRock, Inc. increased its ownership position in the Franklin, Tenn.-based hospital operator.

After generally positive oil news on multiple fronts, distressed energy names California Resources Corp. and Denbury Resources Inc. remained at the forefront in distressed oil and gas companies.

Other heavily traded, previously declining notes saw gains to end the week, namely J.C. Penney Co., Inc., iHeartMedia Inc. and Hexion Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.