Bon-Ton notes push up as store closing sales begin; Mallinckrodt issues finish week higher

By James McCandless

San Antonio, Feb. 16 – A quiet day capped off a disappointedly quiet week, traders said, as investors remained skittish to make forays into the distressed debt market.

Notes in Bon-Ton Stores, Inc. ended the week higher. The company began offering large discounts the stores that it expects to close. It also announced appointments to its unsecured creditors committee.

Mallinckrodt plc issues ended the week by shaving off a portion of the gains made over the past several days after announcing Tuesday that it had completed its acquisition of Sucampo Pharmaceuticals.

A rally in oil futures this week led to mixed results in distressed oil and gas names. Noble Energy, Inc., Northern Oil and Gas, Inc. and Sanchez Energy Corp. were notable end-of-week movers.

Frontier Communications Corp. and Intelsat SA closed the week as favorites in the distressed telecom space yet again. A week of speculation about a potential buyer for parts of Hexion, Inc. has kept its paper in the limelight.

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