Shortened day caps quiet week heading into holiday; Peabody moves on restructuring plan

By Colin Hanner

Chicago, Dec. 23 – A shortened trading day on Friday closed out a rather quiet week in the distressed market, as volume and activity was sluggish aside from some company-specific news before the weekend.

“There’s not a lot to talk about,” a trader said. “It’s a snoozer of a day. I think you have very limited coverage of people sitting in their seats.”

Markets closed at 2 p.m. on Friday in lieu of the Christmas holiday, and several traders were out as a result.

Yet, the attention that was in the distressed market seemed to be directed at Peabody Energy Corp., a trader said, following the St. Louis coal company’s reorganization filing late on Thursday evening.

Its second-lien and unsecured securities were mixed toward the end of close on Friday.

Seeing limited action and movement compared to days past were iHeartCommunications, Inc.’s distressed notes, though more distressing news from bondholders came to light early Friday in a story from Bloomberg, spurring potential implications for the media company.

Some one-off names traded with low volume during the day, making modest moves in either direction.

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