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BI-LO trades amid ratings downgrades; Community Health activity continues
By James McCandless
San Antonio, March 19 – Traders reported a characteristically slow day in the distressed debt market Monday.
Notes in BI-LO, LLC were active as the company announced a pre-packaged plan of reorganization in Chapter 11 bankruptcy as part of a financial restructuring plan.
Claire’s Stores, Inc. paper became active amid reports that it has filed for bankruptcy and reached a restructuring deal with its creditors.
Issues in Community Health Systems, Inc. continued their activity after news last week that it had hired three firms to help with its debt issues.
Volume favorites in the telecom space were Frontier Communications Corp. and Intelsat SA, both bolstered by recent positive news. Mallinckrodt plc has remained active in the distressed healthcare sector after acquiring an American firm. Revlon, Inc. remained as one of the top distressed retail names to be traded.
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