Frontier gains on asset sale news; Teva loses in settlement reaction

By James McCandless

San Antonio, May 29 – In Wednesday’s activity in the distressed debt space, most of the attention was paid to telecom and pharmaceutical names.

Frontier Communications Corp.’s notes were gaining after the company announced an asset sale valued at over $1 billion.

Sector peer Intelsat SA’s issues closed mixed.

Elsewhere, in the pharma space, Teva Pharmaceutical Industries Ltd.’s paper declined as the market continues to react to its decision to settle an opioid lawsuit.

Meanwhile, drug maker Mallinckrodt plc’s notes fell a day after announcing that it would be spinning off its generic drugs business.

In the retail space, Bed Bath & Beyond, Inc.’s issues finished mixed after the company announced a deal with an activist investor group.

Energy names California Resources Corp.’s and Ensco Rowan plc’s paper saw mixed results again as Chaparral Energy, Inc.’s notes fell.

Exela Intermediate LLC, a subsidiary of Exela Technologies Inc., once again saw its issues make a modest recovery.

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