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Distressed names actively traded but largely unchanged; energy dominates again
By James McCandless and Paul Deckelman
San Antonio, Jan. 25 – Oil, natural gas and other energy companies continued to be heavily traded in what was otherwise described by traders as a slow day in the distressed debt market.
The energy names were continuing to react to Wednesday’s oil industry news, while oil prices tapered off on the day.
This led to another active day for Denbury Resources Inc. and California Resources Corp., which saw gains in their notes.
For a second straight day, paper from Armstrong Energy Inc. and Murray Energy Corp. continued its gains in the wake of Wednesday’s announcement that Armstrong would sell much of its assets to Murray Energy subsidiary Murray Kentucky. Armstrong also sought an extension of its right to exclusively file a reorganization plan.
In the telecom space, Frontier Communications Corp. saw its notes rise on the news that amendments to its credit agreements were made official. Communications satellite company Intelsat SA remained active but mixed.
Retailers Sears Holdings Corp. and J.C. Penney Co. Inc.’s notes declined further as recent negative news took its toll.
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