American Tire notes level; Community Health issues close out holiday week mixed

By James McCandless

San Antonio, July 6 – Trading in the distressed debt market continued to focus on popular names as overall volume slowed to a crawl in a week shortened by the Fourth of July holiday.

American Tire Distributors’ notes were level. Bridgestone recently announced that it would sever some ties with the company by ending its passenger tire distribution deal.

Community Health Systems, Inc. issues were mixed. Recently, a subsidiary brought a $1.3 billion offering to market.

PetSmart, Inc. paper was level. A recent lawsuit has complicated a growing dispute between the company and its creditors.

Frontier Communications Corp. notes were mixed. The chief financial officer recently announced his resignation.

Intelsat SA issues fell. The company recently announced a buyback program for its 7¾% notes due 2021.

Mallinckrodt plc paper gained in the medical space.

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