FirstEnergy Solutions notes gain on earnings call; Noble active as company ups dividend

By James McCandless

San Antonio, April 24 – Trading in the distressed debt market was muted, traders reported, though activity is expected to rise as the week continues as earnings reports are released.

FirstEnergy Solutions’ notes gained again as its parent company held an earnings call in which it signaled that it would continue to lobby for federal aid for at-risk plants.

Noble Energy Inc.’s notes were mixed after the company announced a 10% increase of its quarterly dividend rate.

Sears Holdings Corp.’s paper was up after CEO Eddie Lampert announced Monday that he would make an offer to purchase certain assets that have been listed for sale for two years.

American Tire Distributors’ 10¼% senior notes due 2022 were the major losers of Tuesday’s session with the notes dropping almost 50% after Goodyear Tire & Rubber Co. announced it would no longer distribute its tires through the company.

Intelsat SA’s notes were mixed. Recently a subsidiary was chosen to take part in a government project. Frontier Communications Corp.’s issues were mixed as it continues the search for buyers for certain assets. Mallinckrodt plc traded up in the medical space.

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