Mallinckrodt continue high volume after acquisition news; Hexion rumors keep demand up

By James McCandless

San Antonio, Feb. 14 – Traders reported a steady day in distressed debt trading Wednesday, as more investors slowly jump back into the mix after being scared off by volatility in the equity markets.

Notes in Mallinckrodt plc closed higher at the end of trading. On Tuesday, the company announced the acquisition of Sucampo Pharmaceuticals.

As selloff rumors persist for another day, despite no official word from the parties involved Hexion, Inc. issues continued trading in high volume.

High volume activity for Revlon, Inc. reversed Tuesday’s losses. The company’s paper continues a positive trend set after the recent news that its chief executive officer had left his post.

Distressed telecom names Frontier Communications Corp. and Intelsat SA remained perennial volume favorites. A 2-point bump in oil futures saw a drop off in distressed energy names, namely California Resources Corp. and EP Energy, Inc.

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