Avaya higher on reorganization plan filing; health care mostly unchanged post-HCA forecast

By Colin Hanner

Chicago, April 17 – Last week’s lull in the distressed debt market continued on Monday, traders said, with the quietness of the holiday weekend extending into a session dominated by bonds staying close to where they started.

“There just wasn’t really that much trading at all,” a trader said, adding that the holiday weekend, paired with vacations, has kept markets stagnated. Plus, the past week has been host to a “lot of geopolitical risks, so people aren’t jumping back into it very quickly,” the trader said.

Santa Clara, Calif.-based Avaya Inc. was the most active name in the distressed sphere, a trader said, rising after it filed a plan of reorganization and related disclosure statement Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Health care stocks slid after Hospital Corporation of America announced a dismal forecast of its first quarter earnings, though health care bonds on the whole were largely unaffected, a trader said.

Quorum Health Corp. was unchanged, while Tenet Healthcare Corp. saw about a round-number loss on the session.

And Hertz Global Holdings, Inc. was “trading, but it was relatively unchanged,” on the session, a trader said.

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