Community Health notes mixed amid corporate layoffs; Mallinckrodt issues slide on lawsuit

By James McCandless

San Antonio, April 12 – As the week nears its end, the distressed debt market saw another day of muted trading on Thursday, although news-driven names saw hikes in activity.

Community Health Systems, Inc. notes were mixed as the company is in the midst of laying off at least 70 corporate employees.

Mallinckrodt plc issues saw a decline as reports surfaced that a former employee is suing the company over the price of Acthar, its best-selling drug.

FirstEnergy Solutions Corp. paper declined as traders expressed doubt over whether the federal government will provide aid to the company’s troubled assets.

In distressed telecom, Frontier Communications Corp. notes were mixed while the company searches for buyers for certain assets. Intelsat SA issues were mixed. Northern Oil and Gas, Inc. notes climbed on another positive day for oil futures. Talen Energy Inc. issues fell.

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