Intelsat notes up after FCC satellite talk; Mallinckrodt active after beating Q4 estimates

By James McCandless

San Antonio, Feb. 27 – After a long stretch of lower volume, traders reported an increase in activity across the board on Tuesday for the distressed debt market.

Intelsat SA saw its notes climb higher after Federal Communications Commission chairman Ajit Pai made comments about changes to the country’s 5G network.

Issues in Mallinckrodt plc were heavily traded again as the company reported better than expected fourth quarter earnings.

Toys “R” Us, Inc. paper traded up in high volume after reports confirmed talks of a sell-off of its Asia business.

Frontier Communications Corp. added to the volume in the telecom space. A slight drop in oil futures drove activity in distressed energy companies California Resources Corp. and Northern Oil and Gas, Inc. The retail sector was also active with Revlon, Inc. notes.

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