FirstEnergy reports changes, ’17 losses; Armstrong Energy completes sale, plan in effect

By James McCandless

San Antonio, Feb. 20 – Traders reported a dearth of activity on Tuesday, as many seemed reluctant to reenter the distressed debt space after the long holiday.

Notes of FirstEnergy Corp. subsidiaries received some heightened attention late in the afternoon after announcing senior management changes, including a new chairman of the board, and total losses for 2017.

Armstrong Energy, Inc. issues cratered after reports confirmed that its third bankruptcy plan had taken effect Tuesday. It also completed the sale of its Kentucky holdings to Murray Energy Corp.

Paper in Bon-Ton Stores, Inc. was active again as the bankrupt company announced large discounts at the stores that it expects to close this year and appointments to its unsecured creditors committee.

Distressed telecom companies Frontier Communications Corp. and Intelsat SA shored up what little volume there was by remaining actively traded. Mallinckrodt plc and Ensco plc rounded out the day’s volume.

© 2015 Prospect News.
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