Energy rise continues; Altice dives, Revlon slides; Real Alloy gyrates after Chapter 11

By Paul Deckelman

New York, Nov. 17 – Traders in distressed debt and the bonds of otherwise underperforming companies and sectors saw things trading with a generally firmer tone on Friday, helped by a second day of relative strength in the broader high-yield bond market.

One sector seen doing well was energy, led by credits such as California Resources Corp. and EP Energy Corp., which continued to rise against a backdrop of big gains Friday in world crude oil prices.

On the downside, international cable and telecommunications operator Altice SA’s various bond issues turned lower, giving up gains notched earlier in the week.

Other downsiders included Revlon Inc., Frontier Communications Corp. and Community Health Systems, Inc.

Real Alloy Holding Inc.’s bonds were bouncing around following the Chapter 11 filings by the aluminum recycling company’s U.S. operations and its holding company corporate parent, Real Industry, Inc.

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