PetSmart mixed after hiring advisers; Murray Energy declines amid restructuring agreement

By James McCandless

San Antonio, June 8 – As the week came to a close, the distressed debt market saw little activity to end a low-volume week.

PetSmart, Inc. notes were mixed after Wednesday’s announcement that the company has hired advisers to help reduce its $8 billion debt.

Murray Energy Corp. issues fell, capping off a week of activity spurred by Monday’s announcement of a debt restructuring agreement made with portions of its noteholders and lenders.

Community Health Systems, Inc. paper declined. This week, a subsidiary amended the terms of an exchange offer.

Intelsat SA notes rose. Recently, the company issued its Q1 report, missing analyst projections. Frontier Communications Corp. issues were mixed. A recent failed auction for the company’s Florida assets have hurt investor confidence. Mallinckrodt plc declined.

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