Bon-Ton issues active on rating downgrade; energy names trade heavily on lower oil futures

By James McCandless

San Antonio, Feb. 6 – Traders described Tuesday’s distressed debt trading as lax, with much of the volume coming from oil and gas companies and volume favorites.

Bon-Ton Stores, Inc. notes reversed Monday’s losses despite receiving another rating downgrade after the company declared Chapter 11 bankruptcy on Sunday.

Falling crude prices led to high volume activity in oil and gas notes, namely Northern Oil and Gas, Inc., Jones Energy, Inc., and Sanchez Energy Corp.

Revlon, Inc. issues traded heavily as it received another rating downgrade Tuesday, its second in a week after the company announced last Monday that its chief executive officer was leaving the company.

Telecom favorites Frontier Communications Corp. and Intelsat SA kept up their high volume activity. Mallinckrodt plc and Community Health Systems, Inc. continued their recent spikes in trading.

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