American Tire notes improve on recapitalization news; Intelsat issues rise

By James McCandless

San Antonio, Sept. 5 – The distressed debt market saw trading on Wednesday continue to fixate on names with recent developments.

American Tire Distributors’ notes rose on reports that the company reached an agreement with 70% of its creditors to recapitalize and wipe away about $1.1 billion in debt.

Intelsat SA’s issues improved as a subsidiary prepared to tap the market with a $2 billion offering of six-year senior notes.

Digicel Group Ltd. paper traded mixed. On Friday, the company announced a note exchange and saw a ratings downgrade.

Frontier Communications Corp.’s notes declined, extending a downward trend that started after a worse than expected second-quarter report.

Sanchez Energy Corp.’s issues gained, continuing to attract more volume from distressed traders in the energy space.

Mallinckrodt plc paper improved in the medical space.

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