Mallinckrodt notes in high demand on acquisition news; Hexion issues remain active

By James McCandless

San Antonio, Feb. 13 – Trading volume in the distressed debt market is rising slowly but surely, traders said, as markets continue to take a breather from last week’s volatility.

Mallinckrodt plc notes were heavily traded on the news that it had acquired medical applications company Sucampo Pharmaceuticals.

With rumors still being floated about a potential sell-off, issues in Hexion, Inc. remained in high volume.

Revlon, Inc. continued to dominate the distressed retail space. Its paper has been trending positively on the recent news that the company had parted ways with its chief executive officer.

In telecom, Frontier Communications Corp. and Intelsat SA continued high volume trading. Rex Energy Corp. and Northern Oil and Gas, Inc. were the main movers in a slower day for the energy sector.

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