iHeart reaches restructure agreement, files bankruptcy; Toys asks to end U.S. operations

By James McCandless

San Antonio, March 15 – Traders described a more active day in the distressed debt market Thursday as much of the activity was driven by the day’s news.

To the surprise of some traders, iHeart Media, Inc. filed for Chapter 11 bankruptcy while reaching a restructuring agreement that would significantly reduce its debt.

Toys “R” Us, Inc. sought court approval Thursday to begin the process of shutting down its U.S. locations after failing to find a buyer since its recent bankruptcy filing.

Community Health Systems, Inc. paper continued to drive much of the volume in the distressed healthcare sector, coming off of news that it enlisted asset management firm Lazard to assist with its debt.

Frontier Communications Corp. and Intelsat SA added to the day’s volume in distressed telecom. Another distressed healthcare name adding to Thursday activity was Mallinckrodt plc. Sears Holdings Corp. saw a jump in activity after releasing positive Q4 numbers.

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