Community Health mixed after exchange extended; J.C. Penney rises a day after Q1 report

By James McCandless

San Antonio, May 18 – Traders reported a slow day in the distressed debt market on Friday, a fitting end to a muted week.

Community Health Systems, Inc. notes were mixed after a subsidiary announced that it would be extending its early payout deadline for three series of notes.

J.C. Penney Co., Inc. bonds rose despite the release on Thursday of a poor Q1 report, which highlighted falling revenues and earnings.

Ultra Petroleum Corp. issues were mixed. The company experienced a ratings downgrade Thursday and released its Q1 report the previous Thursday.

Intelsat SA paper was up. Recently, the company posted a disappointing Q1 report. Frontier Communications Corp., another distressed telecom name, saw notes mixed to close out the week. Mallinckrodt plc issues gained.

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