Ruby Tuesday jumps on buyout news; hospital names steady after beating; Concordia climbs

By Paul Deckelman

New York, Oct. 16 – Distressed-debt trading was seen quiet on Monday amid lessened overall activity in the broader high-yield bond market.

But Ruby Tuesday, Inc.’s bonds firmed smartly on the news that the underperforming restaurant chain operator is to be bought out by a private-equity company.

And traders saw hospital names such as Community Health Systems Inc. and Tenet Healthcare Corp. steady, after being knocked around in Friday’s dealings amid news of planned changes in the Affordable Care Act. However, HCA Inc. paper remained under pressure.

Concordia International Corp.’s secured notes firmed on Monday – even as the Canadian drug manufacturer said it would defer a scheduled interest payment on one of its unsecured bond issues.

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