Intelsat ‘bucking trend’ on lower day; Avaya down following objection; Noble gets back

By Colin Hanner

Chicago, May 17 – Movement was generally lower in the distressed market on Wednesday, marked by political controversy surrounding president Trump that weighed on markets globally, market sources said.

“Bucking the trend of the general market” was Intelsat SA, which was generally higher on the session, a market source said. With an exchange deadline looming – the second pushback in less than a week – investors may be looking toward a possible agreement between noteholders and the company.

Business collaboration and communications services company Avaya Inc. was down several points following an objection by its first-lien debtholders to an exclusivity extension.

“The longer this thing drags out, the worse it could end up being,” a market source said of Avaya’s bankruptcy.

Noble Group Ltd., a physical commodity trader based in Hong Kong, gained a few points after several sessions where its bonds dropped nearly half of their value.

In energy, GenOn Energy Inc. was mixed, though Talen Energy Corp. and California Resources Corp. were down, and rental and car sales company Hertz Global Holdings Inc. was unchanged after a brief rebound on Tuesday.

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