iHeart notes trade after bankruptcy filing; Community Health active as it hires team

By James McCandless

San Antonio, March 16 – Friday trading in the distressed debt market we described as subdued by traders, closing a week of low volume trading.

iHeart Media, Inc. notes continued trading after surprising some traders Thursday by filing for Chapter 11 bankruptcy while reaching a restructuring agreement that would reduce debt.

Issues in Community Health Systems, Inc. stayed active amid reports earlier in the week that the company has hired a few firms to help with its debt problem.

Toys “R” Us, Inc. paper continued to trade after the bankrupt name announced it would be shuttering all U.S. locations after failing to find a buyer during bankruptcy proceedings.

Frontier Communications Corp. and Intelsat SA ended the week as they began it at the top of the distressed telecom space. Mallinckrodt plc added volume to the healthcare space. Revlon, Inc. contributed to the activity in the retail sector.

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