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Murray Energy notes improve as restructure wraps; American Tire issues lose
By James McCandless
San Antonio, July 3 – Trading was steady in the distressed debt market on Tuesday but was cut short by the early close for the Fourth of July holiday.
Murray Energy Corp. notes gained after the company announced that it had completed its debt restructuring.
American Tire Distributors issues declined in the fallout after Bridgestone withdrew from its passenger tire distribution deal with the company last week.
Community Health Systems, Inc. paper was mixed. Last week a subsidiary brought a $1.3 billion offering to market.
Frontier Communications Corp. notes were mixed. Recently, the company announced that its chief financial officer would be resigning.
Intelsat SA issues improved. The company will be buying back its 7¾% notes due 2021.
Mallinckrodt plc paper declined in the medical space.
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