Bon-Ton notes up, active on bankruptcy talk; Revlon issues busy on rating downgrade

By James McCandless

San Antonio, Feb. 2 – A slow week in the distressed debt market begat a slow end, according to traders. The most heavily traded names Friday were those driven by the week’s headlines, while others continued to occupy the volume space they had the previous day

Bon-Ton Stores, Inc. notes were active as reports over the last few days alleged that the company would declare bankruptcy over the weekend.

Compounding with news at the start of the week that its chief executive officer was resigning, Revlon, Inc. notes were active as the company received a rating agency downgrade.

Northern Oil and Gas, Inc. notes saw trading activity for the second day on Thursday’s news of a note exchange agreement that includes raising new equity and changes in management.

Other regular names contributing to the day’s volume were Frontier Communications Corp., Intelsat SA and Community Health Systems, Inc.

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