PetSmart notes decline after new CEO announced; Community Health issues mixed again

By James McCandless

San Antonio, May 21 – Traders reported a typically slow Monday in the distressed debt market, compounded by the coming of Memorial Day weekend.

PetSmart Inc. notes fell after the company announced that it has selected retail executive J.K. Symancyk as its new chief executive officer after a nine-month search.

Community Health Systems, Inc. issues were mixed for a second day after a subsidiary announced Friday that it would be extending an early payout deadline for three series of notes.

J.C. Penney Co., Inc. bonds traded down as the market continues to react to the release of the retailer’s subpar Q1 report last Thursday.

Intelsat SA paper was up. Recently, the company released a disappointing Q1 report. Elsewhere in telecom, Frontier Communications Corp. notes were mixed. Mallinckrodt plc issues jumped up in the medical space.

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