Distressed retail names trade up to end week; Windstream active after loss announcement

By James McCandless

San Antonio, Feb. 23 – The end of the week in the distressed debt market was just as slow as its beginning, traders said, characterizing investors as reluctant to move money around after a long weekend.

Notes in distressed retail companies Sears Holdings Corp., J. C. Penney Co., Inc., and Bon-Ton Stores, Inc. shot up Friday, following reports that competitor Nordstrom, Inc. will move forward with plans to shift from a public to private company.

Another retailer active on Friday was Revlon, Inc., continuing what has become a regular level of high volume trading since parting ways with its chief executive officer.

Windstream Holdings, Inc. paper was active to end the week, the third straight day of high volume trading after announcing fourth quarter losses on Wednesday.

Other distressed telecom companies carrying on in high activity were Frontier Communications Corp. and Intelsat SA. In the healthcare space, Mallinckrodt plc and Community Health Systems, Inc. shored up much of the day’s volume.

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