Distressed paper mostly easier; CalRes, CYH, Altice issues lower; Rite Aid, Murray firmer

By Paul Deckelman

New York, Nov. 28 – Bonds of distressed and other wise underperforming companies and sectors were seen largely softer on Tuesday, in line with a generally easier trend in the broader high-yield market.

Among the names seen on the downside on Tuesday were bellwether energy credit California Resources Corp. and the various issues from European telecom operator Altice.

Underperforming hospital company Community Health Systems Inc. were also looking a little green around the gills.

But drug store operator Rite Aid Corp. – which announced the successful completion of its transfer of the first batch of stores that it is selling to larger sector peer Walgreens Boots Alliance Inc. in a multi-billion-dollar deal – was solidly firmer.

So were coal company Murray Energy Corp. and broadcaster iHeart Media Inc.

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