Community Health notes fall as new offering priced; American Tire tumble continues

By James McCandless

San Antonio, June 28 – Activity ramped up in the distressed debt market on Thursday with news generating increased volume.

Community Health Systems, Inc. notes declined again as the company brings a $1.03 billion offering of senior secured notes to market.

American Tire Distributors issues plummeted over the past few days after Bridgestone announced that it would end a distribution deal for passenger tires.

Murray Energy Corp. paper fell amid reports that the Department of Energy is researching the potential cost of providing financial assistance to at-risk coal and nuclear power plants.

Frontier Communications Corp. notes were mixed. The company announced the impending departure of its chief financial officer last week.

Intelsat SA issues were mixed. The company recently announced a buyback program for its 7¾% notes due 2021

Hexion, Inc. paper was mixed as its bump in volume continued.

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