American Tire improves as executives positive; Digicel gains as holders seek higher rate

By James McCandless

San Antonio, July 13 – Trading in the distressed debt market ended the week with steadily rising volume on Friday, with popular, news-driven names garnering the lion’s share of activity.

American Tire Distributors notes improved after company executives tried to reassure investors about future growth in a conference call.

Digicel Group Ltd. issues gained amid reports that bondholders are seeking an increase in the interest rate in some securities.

Intelsat SA notes were mixed as Standard & Poor’s issues ratings changes on the company and issue levels.

Frontier Communications Corp. notes were mixed to close the week. Chief financial officer Perley McBride tendered his resignation recently.

Sanchez Energy Corp. issues rose again. The company announced Tuesday that its chief operating officer had resigned.

PetSmart, Inc. paper was mixed. The company recently filed a lawsuit against a former loan agent.

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