Navios up after contract in ‘full force’; iHeart, Peabody keep moving; retailers trade

By Colin Hanner

Chicago, Dec. 22 – Trading was quiet again in the distressed market on Thursday, the second-to-last session before the Christmas holiday, and activity remained at a near-standstill as it has been most of the week.

“The week has been slow, except where a catalyst drove something,” a trader said.

That’s been the case for iHeartCommunications, Inc., Peabody Energy Corp. and, on Thursday, Navios Maritime Holdings Inc., which saw one of the biggest gains of the day after it was announced that the shipping and logistics company won a ruling from a London-based arbitration tribunal in regards to a construction of an iron ore port.

iHeartCommunications’ notes continued to be one of the most heavily traded distressed securities during the session, likely based off the momentum from the ruling of the America Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, on Wednesday, a trader said.

And for Peabody, movement was generally upwards after announcing an operating loss on Wednesday, although, after extending the deadline for filing for a plan of reorganization and related disclosure statement to Thursday, the St. Louis-based coal company had yet to file as of press time.

“[I’m] waiting to see about their plan,” said a trader.

Several retail companies were “trading before the Christmas holiday,” a trader said, including JCPenney Corp. Inc., Claire’s Stores Inc. and Gymboree Corp.

Several other one-off names traded, though there were no clear impetuses for movement.

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