Windstream mixed as debt-default trial begins; PetSmart better as market awaits next move

By James McCandless

San Antonio, July 24 – Traders in the distressed debt market reported an increase in volume across the board on Tuesday, as the majority of activity continued to center on news-driven names.

Windstream Holdings, Inc. notes were mixed as the company’s debt-default trial focused on a 2015 spinoff and whether a default has occurred.

PetSmart, Inc. issues improved as the market continued to watch for developments in a recent dispute with the company’s creditors.

Intelsat SA paper gained. A recent move by the Federal Communications Commission could lead to new sources of revenue for satellite firms.

Frontier Communications Corp. notes were mixed. The company’s chief financial officer recently announced his departure.

Sanchez Energy Corp. issues rose. The company’s chief operating officer recently submitted his resignation.

Mallinckrodt plc paper reversed Monday’s fall in the medical space.

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