Jones Energy notes rise following executive firings; Intelsat paper mixed in secondary

By James McCandless

San Antonio, April 17 – The distressed debt market saw a slight uptick in activity on Tuesday, according to traders, as the equity markets had another positive day.

Jones Energy, Inc.’s notes traded higher as the company announced the terminations of its chief executive officer and president after investor pressure.

Intelsat SA’s issues were mixed and active a day after subsidiary Intelsat General was placed on a team of companies developing a satellite payload for the Federal Aviation Administration.

Community Health Systems, Inc.’s paper slid. The company announced a round of corporate layoffs last week in its latest effort to tackle its debt.

Frontier Communications Corp.’s notes rose as the company seeks a buyer for certain assets. FirstEnergy Solutions Corp.’s issues were mixed as the company awaits a decision from the government concerning aid for at-risk plants. California Resources Corp.’s paper ended mixed on a positive day for oil futures.

Austin, Texas-based independent oil and gas producer Jones Energy saw notes rise after reports confirmed that it has terminated chief executive officer Jonny Jones and president Mike McConnell effective immediately. The company had been receiving pressure for a leadership change from activist firm Q Investments.

The 9¼% notes due 2023 rose about ¾ point to close at around 58¾ bid. The 6¾% notes due 2022 gained 2 points to close at 57¾ bid.

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