Community Health notes rise again; Frontier offers cash for several notes

By James McCandless

San Antonio, March 6 – Tuesday trading in the distressed debt market was described as an improvement over Monday, but activity was still relatively muted.

Notes in Community Health Systems, Inc. rose again despite a ratings downgrade precipitated by last week’s worrying Q4 report.

Frontier Communications Corp. issues continued their voluminous activity. The company announced cash tender offers of up to $1.6 billion for several series of notes.

J. C. Penney Co., Inc. saw its paper in high volume again after last week’s disappointing Q4 earnings report and layoffs at all levels of the company.

Another telecom name continuing to dominate volume was Intelsat SA. Oil futures were mixed on the day, spurring activity in distressed energy names California Resources Corp. and Northern Oil and Gas, Inc. Another distressed retail company that continues to add volume is Revlon, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.