PetSmart notes trade up amid hiring advisers; Community Heath mixed as exchange amended

By James McCandless

San Antonio, June 6 – Traders reported another light day in the distressed debt market on Wednesday, with movement restricted to news-driven names.

PetSmart, Inc. notes continued to rise as the company hired advisers to help contain and reduce its $8 billion in debt.

Community Health Systems, Inc. issues were mixed after a subsidiary amended the terms of an exchange offer.

Murray Energy Corp. paper rose again after the company announced an agreement reached on Monday with a portion of its noteholders and lenders on debt restructuring.

Intelsat SA notes were mixed. Recently, the company released a concerning Q1 report. Frontier Communications Corp. issues fell. The company recently presided over a failed auction for its Florida assets. Mallinckrodt plc paper gained.

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