Bon-Ton issues fall on bankruptcy news; Northern Oil notes lose on rating downgrade

By James McCandless

San Antonio, Feb. 5 – The distressed debt market opened the week slowly on Monday, only starting to follow the raucous downward activity of the stock market near the end of the day’s trading, market sources said.

Bon-Ton Stores, Inc. notes sunk as the company filed for Chapter 11 bankruptcy over the weekend, precipitating a ratings downgrade.

Northern Oil and Gas, Inc. continued last week’s high volume trading as the company received a ratings downgrade. The company announced a note exchange agreement last week that includes raising new equity and management changes.

Remaining heavily traded, Revlon, Inc. paper fell again. The company experienced the departure of its chief executive officer and a rating agency downgrade.

Adding heavily to the day’s volume were Frontier Communications Corp., Intelsat SA and Mallinckrodt plc.

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