iHeartCommunications firm in two issues post-results; Community Health rises; Denbury down

By Colin Hanner

Chicago, Feb. 23 – A handful of issues were firm in the distressed market on Thursday, traders said, due in part to reaction from quarterly earnings that tended to be positive. Outside of the movers, activity tended to be quiet, a market source said.

Media and entertainment company iHeartCommunications, Inc. was “better on numbers,” a trader said, referring to the quarterly figures released by its parent company iHeartMedia, Inc. on Thursday. Two issues were solidly up on the session, while one straggled and went out “sideways” on a possibility that the company would restructure its debt to avoid bankruptcy.

An issue of Community Health Systems, Inc. traded on heavy volume and moved up marginally on the day, two sessions after the hospital operator announced its fourth quarter results.

Petroleum and natural gas exploration and production company Denbury Resources Inc.’s distressed bonds were up even though the company announced mixed results.

Intelsat SA continues to trade higher as it prepares to announce results next week, Murray Energy Corp. was up a round number as it teeters back-and-forth between gains and losses session-to-session and a handful of distressed companies, including Neiman Marcus Group, Inc., traded mixed on the session.

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