Sanchez Energy notes decline on management change; FirstEnergy Solutions issues climb

By James McCandless

San Antonio, July 11 – Trading levels in the distressed debt market continued to creep upward Wednesday as focus remained on news-driven names.

Sanchez Energy Corp. notes fell, jumping up in activity after the company announced the departure of chief operating officer Christopher Heinson.

FirstEnergy Solutions Corp. issues rose a day after the company reached a definitive agreement to sell its retail power business.

PetSmart, Inc. paper declined. The company recently filed a lawsuit against its former loan agent over a transfer that has driven a wedge between it and its creditors.

Frontier Communications Corp. notes were mixed. The company recently announced the resignation of chief financial officer Perley McBride.

Intelsat SA issues were mixed. The company has begun a program to buy back its 7¾% notes due 2021.

American Tire Distributors paper improved. The company’s passenger tire distribution deal with Bridgestone has been terminated.

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