Sears mixed as company announces closures; Ultra Resources rises, receives downgrade

By James McCandless

San Antonio, Aug. 23 – Trading in the distressed debt market refocused on news-driven names Thursday.

Sears Holdings Corp. notes were mixed as the company announced that it would be shuttering 46 underperforming stores by November.

Ultra Resources Inc. issues improved as the company received a ratings downgrade as the market reached the close.

Sanchez Energy Corp. paper declined, ending an upward trend as the company followed oil futures.

Intelsat SA notes were mixed again. Recently, a subsidiary priced a $1.25 billion issue of senior notes.

Frontier Communications Corp. issues continued to trade mixed. The company posted a disappointing earnings report recently.

J.C. Penney Co., Inc. paper gained again. On Tuesday the company was issued a ratings downgrade due to a worse than expected earnings report.

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