J.C. Penney off as shares swoon on poor numbers; Intelsat busy as swap extended; CGG off

By Paul Deckelman

New York, May 12 – Traders said that things were fairly quiet in the distressed-debt realm on Friday, in line with an overall quieting down in the broader high-yield market following several consecutive busier sessions.

Nonetheless, they said that certain topical names were attracting attention.

J.C. Penney Co. Inc.’s bonds were seen mostly lower as the embattled department store operator’s stock swooned after it reported wider net and earnings per share losses, and falling sales.

That pessimistic tone also pushed sector peer Neiman Marcus Group’s bonds lower on the day.

Elsewhere, Intelsat SA’s various existing bond issues were mixed in active trading, as investors positioned themselves after the communications satellite company again extended its current exchange offer aimed at taking out a big chunk of its more than $15 billion of outstanding debt.

And French geophysical services provider CGG SA’s bonds fell as the company announced that it had skipped a scheduled interest payment.

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