Toys ‘R’ Us notes spike as bids for Asia business surface; Cobalt issues slide

By James McCandless

San Antonio, April 11 – Traders reported a slightly more active day in the distressed debt market on Wednesday as news led to spikes in activity.

Toys “R” Us, Inc. notes shot up after reports surfaced that the company has received $1 billion in bids for a majority share of its Asia business.

Cobalt International Energy, Inc. issues declined after the company announced that it has sold several of its Gulf of Mexico assets.

Nine West Holdings, Inc. notes were active for a third day but mixed, remaining in high volume after the company declared bankruptcy on Friday.

Frontier Communications Corp. notes were mixed in the distressed telecom space as the company continues searching for buyers for certain assets. Intelsat SA issues declined. Community Health Systems, Inc. issues were mixed. Elsewhere in energy, EP Energy Corp. notes were mixed.

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