Mallinckrodt, Endo notes decline; Frontier Communications mixed; Moss Creek sees gains

By Cristal Cody

Tupelo, Miss., April 20 – Pharmaceuticals maker Mallinckrodt plc’s bonds fell in distressed secondary trading on Tuesday after the company filed a Chapter 11 bankruptcy plan.

The company’s 4¾% notes due 2023 declined 3 points to the 20 bid area, while the 5 5/8% notes due 2023 fell ¾ point to 73½ bid, a source said.

Elsewhere in the distressed pharmaceuticals sector, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) traded late Tuesday nearly 2 points lower at 68¼ bid in strong trading volume.

Meanwhile, bankrupt Frontier Communications Corp.’s 11% senior notes due 2025 headed out unchanged from Monday at 71 bid but up about 2 points from the same day last week, a market source said.

The company’s 9% senior notes due 2031 rose ¼ point to 66¾ bid on Tuesday. The notes are up about 1¾ points from the same session a week ago.

Oil and gas exploration company Moss Creek Resources Holdings Inc.’s bonds were mostly flat on the day but trading higher than a week ago, a source said.

Moss Creek’s 10½% notes due 2027 were quoted at 95 bid, up about 6 points from the start of last week.

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