Distressed paper seen better amid general market upturn; Intelsat, Whiting extend rebound

By Paul Deckelman

New York, Feb. 26 – They say a rising tide lifts all boats – and that venerable adage was certainly true in the distressed debt market on Friday.

Traders saw many recently challenged issues trading better, amid an overall strong showing by the broader high-yield market.

Intelsat SA extended its rebound from losses posted earlier in the week to a third straight session, with volume in the communications satellite company’s paper remaining high.

Whiting Petroleum Corp.’s bonds were also once again better, building on Thursday’s snapback from losses seen earlier in the week, but volume was only moderate.

Also in the energy arena, there was notable activity in Devon Energy Corp. paper.

Hornbeck Offshore Services, Inc.’s bonds rose as the company amended and extended its revolving credit agreement.

In the convertibles market, Chesapeake Energy Corp.’s paper was ending the week on a strong note, extending the gains seen earlier in the week.

Its junk bonds were also generically better, though on limited trading.

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